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Profile of the Economy

Financial Operations

International Statistics

Special Reports

SEPTEMBER 2012
Additional Financial Management Service 

Releases on Federal Finances

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BULLETIN

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The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical 

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www.fms.treas.gov/ 
September 2012 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis.—Summary of Economic Indicators ....................................................................................................................... 3

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations .............................................................................................................................. 9 

Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ...................... 10 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 

FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 12 

FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 13 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 18

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19

FEDERAL DEBT 

Introduction.—Federal Debt ................................................................................................................................................ 21 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 

FD-2.—Debt Held by the Public ......................................................................................................................................... 23 

FD-3.—Government Account Series ................................................................................................................................... 24 

FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 25 

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 26 

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 27 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 28

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 30 

PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 37 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 39 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 42 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
September 2012 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries .............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States 

CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country ................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 56 

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries ...................................................................................................................... 58 

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

CM-II-1.—Total Claims by Type ........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries ...................................................................................................................... 64

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business 

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 70 

SECTION IV.—U.S. International Transactions in Long-Term Securities 

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 74 

CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (second quarter) ............................................................................................................... 76 

CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (calendar year) ................................................................................................................. 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 

SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by 

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82 

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 83 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country ...................................................................... 84 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract .................. 85 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 86
September 2012 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 88 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 

FCP-III-2.—Monthly Report of Major Market Participants ................................................................................................ 93 

FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................... 93 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 94 

FCP-IV-2.—Monthly Report of Major Market Participants ................................................................................................ 95 

FCP-IV-3.—Quarterly Report of Large Market Participants ............................................................................................... 95 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 96 

FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 97 

FCP-V-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 98 

FCP-VI-2.—Monthly Report of Major Market Participants ................................................................................................ 99 

FCP-VI-3.—Quarterly Report of Large Market Participants ............................................................................................... 99

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 100 

ESF-2.—Income and Expense ........................................................................................................................................... 101

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 105 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105

RESEARCH PAPER SERIES ........................................................................................................................................... 106

GLOSSARY ...................................................................................................................................................................... 108

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of 

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
September 2012 

VI 

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

 

Special Reports 

 

Financial Report of the United States Government excerpt ...................................... √ 

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

Airport and Airway Trust Fund ........................................................................ √ 

Black Lung Disability Trust Fund .................................................................... √ 

Harbor Maintenance Trust Fund ....................................................................... √ 

Hazardous Substance Superfund ....................................................................... √ 

Highway Trust Fund ......................................................................................... √ 

Inland Waterways Trust Fund ........................................................................... √ 

Leaking Underground Storage Tank Trust Fund .............................................. √ 

Nuclear Waste Fund .......................................................................................... √ 

Oil Spill Liability Trust Fund ........................................................................... √ 

Reforestation Trust Fund .................................................................................. √ 

Sport Fish Restoration and Boating Trust Fund ................................................ √ 

Uranium Enrichment Decontamination and Decommissioning Fund ............... √ 

Vaccine Injury Compensation Trust Fund ........................................................ √ 

Wool Research, Development, and Promotion Trust Fund ............................... √ 

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
September 2012 

3

Growth of Real GDP

-0.3

4.0

2.3

-5.3

1.4 2.2

2.6 2.4

0.1

2.5 1.3

4.1

2.0 1.5

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

2009 2010 2011 2012

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of August 8, 2012 

Introduction 

Economic activity moderated in the second quarter, 

with growth held back by a number of temporary factors, 

including higher energy prices early in the year, unusually 

warm winter weather, and concerns about the ongoing 

sovereign debt crisis in Europe. Labor market conditions 

continued to improve, though more slowly when 

compared to the first quarter. Since job growth resumed in 

early 2010, the economy has added 4.0 million payroll 

jobs, and the unemployment rate has declined 1.6 

percentage points, but is still elevated at 8.3 percent. 

While activity in the housing sector remains weak, there 

have been some positive trends, including signs of a 

stabilization of home prices, continued declines in the 

inventory of existing homes for sale, and a modest pick-up 

in housing starts and home sales. 

Much higher energy and food prices last year impacted 

inflation as well as purchasing power and private 

consumption, but more recently, headline inflation has 

moderated as energy and food prices have eased. Core 

consumer inflation (which excludes food and energy) has 

moved higher since February 2011, but has stabilized in 

recent months and remains moderate by historical standards. 

In financial markets, equity indexes have rallied notably 

since early October 2011, and Treasury bond yields have 

fallen to, and remain near, record lows. 

Financial disbursements under the American Recovery 

and Reinvestment Act of 2009 (ARRA, or the “Recovery 

Act”) were increased from $787 billion originally to $840 

billion, reflecting additional measures to restore financial 

stability, create jobs, and improve housing markets. Late last 

year, the Federal Housing Finance Agency (FHFA) 

announced changes to the Home Affordable Refinance 

Program (HARP) in an effort to attract more eligible 

borrowers who can benefit from refinancing their mortgage 

loans. At the very end of 2011, the 2 percentage point 

employee payroll tax cut and extended unemployment 

insurance benefits were each extended for 2 months and, in 

late February, an extension of both measures through the end 

of 2012 was signed into law. The Administration has also 

announced a proposal to help eligible homeowners with 

mortgage refinancing, and continues to support a number of 

initiatives designed to boost growth, retrain workers, and 

create jobs in the near term. 

Pursuing its statutory mandate to foster maximum 

employment and price stability, the Federal Reserve 

continues to bolster liquidity by maintaining holdings of 

securities at current levels and rolling over holdings of 

Treasury securities as they mature. At its meeting in late 

June, the Federal Open Market Committee (FOMC) 

extended and expanded its program to extend the average 

maturity of its holdings (the so-called “twist” operation 

announced in September 2011). At its August meeting, the 

FOMC re-affirmed the timeframe for maintaining the federal 

funds rate target in its current range of 0 to 0.25 percent to 

late 2014. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by nearly 7 percent and, as of the 

second quarter of 2012, real gross domestic product (GDP) 

was 1.7 percent above its level at the end of 2007, when the 

recession began. According to the advance estimate, GDP 

grew 1.5 percent at an annual rate in the second quarter of 

2012—the 12th straight quarter of growth since the economy 

emerged from recession in mid-2009—after growing by 2.0 

percent in the first quarter of this year. The moderation in 

growth since the first quarter reflected slower growth in 

consumption and fixed investment (both business spending 

on nonresidential structures and residential investment), but 

the decline in government spending posed less of a drag on 

growth, and there was also a buildup in inventories. 

Consensus forecasts currently put real GDP growth in the 

third quarter of 2012 at about a 1.7 percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

at a 2.2 percent annual rate in the second quarter, slowing 

from the 3.5 percent rate in the first quarter. Real personal 

consumption expenditures–which account for about 70 

percent of GDP–advanced by 1.5 percent at an annual rate in 
4 PROFILE OF THE ECONOMY 

September 2012 

the second quarter, slowing from the 2.4 percent rise in the 

first quarter. Consumption added 1.1 percentage points to 

real GDP growth in the latest quarter. 

Residential investment–mostly residential homebuilding–grew 9.7 percent in the second quarter, after 

surging by nearly 21 percent in the first quarter. Residential 

activity added 0.2 percentage point to real GDP growth in 

the second quarter. Although the housing sector remains 

weak, housing activity has shown signs of improvement, by 

and large, over the last several months. Single-family 

housing starts rose 4.7 percent in June to 539,000 units at an 

annual rate. The level of single-family starts has risen nearly 

52 percent from a low of 353,000 in March 2009, but in June 

2012, it was still 70 percent below the January 2006 peak, 

and well below the 1.1 million average observed from 1980 

to 2004. New single-family home sales fell 8.4 percent in 

June to 350,000 (annualized) and were 75 percent below the 

July 2005 peak of 1.39 million. Existing single-family home 

sales fell 5.4 percent in June to 4.4 million units 

(annualized). Despite declines in sales in the latest month, 

total home sales have increased by almost 8.5 percent since 

mid-2011. As of June, the number of new single-family 

homes for sale was near its lowest level on record (in 1963). 

Relative to sales, there was a 4.9-month supply of new 

homes on the market, comparable to its long-run average. 

The inventory of existing single-family homes has fallen, but 

was still high relative to sales at a 6.6-month supply in June. 

Selected home price measures have shown signs of 

stabilization recently. The FHFA purchase-only house price 

index rose 0.8 percent in May and was up 3.7 percent in the 

year through May, accelerating from the 6.0 decline a year 

earlier. Other house price measures also rose in May: the 

Standard & Poor’s (S&P)/Case-Shiller composite 20-city 

home price index advanced 2.2 percent, although it fell 0.7 

percent year-over-year, the decline was much smaller than 

the 4.5 percent drop over the year ended in May 2011. 

Despite the improvement in some home price measures, the 

large inventory of homes on the market and in the 

foreclosure pipeline augur for additional downward pressure 

on prices in the near-term. According to the June 2012 

Pulsenomics/Zillow Survey, home prices are expected to 

decline 0.4 percent during 2012, and then rise by 1.3 percent 

during 2013. 

Nonresidential fixed investment–about 10 percent of 

GDP–advanced 5.3 percent (annual rate) in the second 

quarter of 2012, after rising at an annual rate of 7.5 percent 

in the first quarter. For the eight quarters of 2010 and 2011, 

nonresidential fixed investment grew at an average annual 

rate of 9.1 percent. Growth in business spending on 

equipment and software accelerated to 7.2 percent in the 

second quarter from a 5.4 percent pace in the first quarter. 

Equipment and software spending grew at an average annual 

rate of 11.7 percent over the eight quarters of 2010 and 

2011. In contrast, outlays for structures slowed in the second 

quarter to a 0.9 percent annual rate from a 12.9 percent pace 

of growth in the first quarter. Altogether, nonresidential 

fixed investment added 0.5 percentage point to real GDP 

growth in the second quarter. Inventory accumulation 

accelerated, adding 0.3 percentage point to growth in the 

latest quarter, after subtracting 0.4 percentage point in the 

first quarter. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing 1 percentage point, on average, to quarterly 

GDP growth in 2007 through 2009, net exports posed a drag 

on growth in 2010 of 0.5 percentage point and added just 0.1 

percentage point to growth last year. The net export deficit 

widened in the second quarter of 2012, as exports grew 5.3 

percent, but imports grew faster at 6.0 percent. After adding 

0.1 percentage point to growth in this year’s first quarter, net 

exports posed a drag on growth of 0.3 percentage point in 

the second quarter of 2012. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $801 

billion, equivalent to 6.0 percent of GDP. After narrowing to 

$382 billion (2.7 percent of GDP) in 2009, the current 

account deficit widened again to $442 billion (3.0 percent of 

GDP) in 2010, and to $466 billion (3.1 percent of GDP) last 

year. On a quarterly basis the gap fluctuated during 2011, 

reaching its widest in the fourth quarter ($474.6 billion, or 

3.1 percent of GDP). In the first quarter of 2012, the gap 

widened further, to $549.3 billion (3.6 percent of GDP). 

Government purchases–which account for roughly 20 

percent of GDP–fell for the eighth straight quarter in the 

second quarter of 2012. Specifically, government outlays for 

consumption and investment fell 1.4 percent after declining 

3.0 percent in the first quarter. Federal spending edged down 

0.4 percent in the second quarter and subtracted less than 0.1 

percentage point from GDP growth. State and local 

government expenditures fell 2.1 percent, the 11th straight 

quarterly decline, and subtracted 0.3 percentage point from 

growth. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.7 million private-sector jobs. Job 

losses continued even after the recovery began, but in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through July 2012, total employment has grown by 

nearly 4.0 million. In the private sector, employment has 

increased by 4.5 million jobs during the same period. 

Job losses during the recession were spread broadly 

across most sectors, but with the resumption of job growth, 

many of these sectors have added jobs. Since the labor 

market recovery began in early 2010, payrolls in 

professional and business services have risen by more than 

1.4 million, and leisure and hospitality industries’ 

employment has increased by almost 700,000. 

Manufacturing payrolls have grown by 528,000 since early 
PROFILE OF THE ECONOMY 5 

September 2012 

Payroll Employment

-780

-512

-256

-138

38

196

-45

154192

130128 164

226

73

-1000

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

I II III IV I II III IV I II III IV I II

(Average monthly change in thousands

from end of quarter to end of quarter)

2009 2012 2009 2011

2

2010

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

00 01 02 03 04 05 06 07 08 09 10 11 12

(Percent)

Jul. 2012

8.3%

2010. A few sectors continued to add jobs throughout the 

recession and continue to hire new workers: since early 

2010, the health care and social assistance sector has added 

712,000 jobs. The Government sector also added workers to 

payrolls during the recession, but has since cut employment 

considerably, particularly at the State and local levels. State 

and local government employment has declined in each of 

the past 15 quarters. From early 2010 through July 2012, 

State and local job losses numbered 485,000, including 

392,000 local government jobs. 

The unemployment rate peaked at 10.0 percent in 

October 2009–a 26-year high and 5.6 percentage points 

above the May 2007 low of 4.4 percent. Over the next 2-1/2 

years, the unemployment rate dropped to 8.1 percent in April 

2012, but since then, has edged back up, reaching 8.3 

percent in July 2012. Broader measures of unemployment 

have also declined. One such measure, that includes workers 

who are underemployed and those who are only marginally 

attached to the labor force (the U-6 unemployment rate), 

reached a record high of 17.2 percent in October 2009 

(series dates from 1994)–nearly double its level of 8.8 

percent in December 2007. This measure stood at 15.0 

percent in July 2012. The percentage of the unemployed who 

have been out of work for 27 weeks or more peaked at an 

all-time high of 45.5 percent in March 2011. Most recently, 

this measure dropped to 40.7 percent in July 2012, its lowest 

level since December 2009. 

Inflation 

Headline inflation is stabilizing, and although core 

inflation (excluding food and energy) has moved higher, it is 

still moderate by historical standards. Headline consumer 

prices rose 1.7 percent over the 12 months ending in June, 

roughly half of the 3.6 percent increase during the 12 months 

through June 2011. Energy prices fell 3.9 percent in the year 

through June, a marked swing from the surge a year earlier 

of 20.1 percent. Food prices rose 2.7 percent over the year 

through June 2012, slower than the 3.7 percent advance of 

the previous year. On a 12-month basis, core consumer 

prices (excluding food and energy) rose 2.2 percent through 

June 2012, faster than the 1.6 percent advance a year earlier. 

Labor market slack and the continued low level of capacity 

utilization will likely remain a moderating influence on core 

inflation and wage growth in the foreseeable future. 

Early in 2012, energy prices rose sharply on concerns 

about the impact of U.S. and E.U. sanctions on Iran, as well 

as supply concerns in other countries. Prices subsequently 

eased in the spring on perceptions of slowing U.S. and 

global growth, but most recently have started trending higher 

again, partly in the wake of tougher sanctions on Iran since 

the beginning of July. From an average of $86 per barrel in 

October 2011, the front-month futures price of West Texas 

Intermediate (WTI) crude oil climbed to nearly $110 per 

barrel in February 2012, then declined to $78 per barrel in 

late June. As of early August, the price had risen to $94 per 

barrel. The retail price of regular gasoline was $3.51 per 
6 PROFILE OF THE ECONOMY 

September 2012 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food

gallon in the week ended July 30, 2012, down 20 cents from 

a year ago. Prices for crude oil and gasoline remained below 

the all-time highs reached in July 2008, of $147 per barrel 

and $4.11 per gallon, respectively. 

Federal Budget and Debt 

The federal budget deficit was $1.3 trillion (8.7 percent 

of GDP) in fiscal year 2011, little changed from fiscal year 

2010 in nominal terms, but down, as a percentage of GDP, 

from 9.0 percent. The Mid-Session Review of the 

Administration’s Fiscal Year 2013 Budget projects that the 

deficit will narrow to $1.2 trillion, or 7.8 percent of GDP, in 

fiscal year 2012, and to 6.1 percent in fiscal year 2013. 

During the first 9 months of fiscal year 2012 through June, 

the Federal budget deficit narrowed to $904 billion, $66 

billion lower than the deficit recorded in the same period in 

fiscal year 2011. Compared with the first 9 months of fiscal 

year 2011, receipts were up 5.2 percent, while outlays were 

up 0.9 percent. The deficit is projected to narrow to 2.6 

percent of GDP by fiscal year 2018, and the debt-to-GDP 

ratio is forecast to be on a declining path. The primary 

deficit–receipts less outlays, excluding net interest–is 

expected to fall from 7.6 percent of GDP in fiscal year 2010 

to 4.7 percent of GDP in fiscal year 2013. The primary 

deficit is projected to narrow further in subsequent years 

until it reaches balance in fiscal year 2018, at which point 

spending will no longer add to the national debt. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the ARRA authorized the Federal Government to spend 

$787 billion to stimulate domestic demand, an amount that 

was increased to $840 billion, to be consistent with the 

President’s Fiscal Year 2012 Budget. This spending has 

provided an important boost to economic activity, but the 

Administration also proposed and implemented a variety of 

additional programs to maintain the recovery’s momentum. 

These included an extension and expansion of the first-time 

home buyer tax credit, a new Small Business Jobs and 

Wages Tax Credit, and additional financial support for State 

and local Governments. In December 2010, the 2010 Tax 

Relief Act authorized a 2 percent payroll tax cut, extensions 

of unemployment benefits, extensions of refundable tax 

credits, and a 2-year extension of the 2001 tax cuts. 

In late December 2011, the 2 percentage point employee 

payroll tax cut and extended unemployment benefits 

included in the 2010 tax legislation were each extended for 

two additional months. In late February, the extension of the 

payroll tax cut and extended unemployment benefits for the 

remainder of 2012 were signed into law. In the fiscal year 

2013 Budget, the Administration has also proposed more 

than $350 billion in short-term job creation and growthboosting initiatives, an extension of the 100 percent bonus 

depreciation provision through 2012, and a new tax credit 

for 2012, focused on small businesses, that gives a 10 

percent tax credit equal to 10 percent of wages added up to 

$500,000. The Administration also recently announced a 

plan to help eligible homeowners refinance their mortgages 

in order to take advantage of historically low rates. 

Partly in response to rising financial market stress, as 

well as to signs of more slowing in the broader economy, the 

Federal Reserve began easing monetary policy in August 

2007. By late 2008, the Federal Open Market Committee 

(FOMC) had lowered the federal funds target interest rate 

dramatically, reducing it to a historically low target range of 

0 percent to 0.25 percent at the December 2008 FOMC 

meeting. That target range was maintained at the FOMC’s 

most recent meeting in late April 2012. At the same time, the 

Committee acknowledged moderate economic expansion as 

well as improving labor market conditions, but also an 

elevated unemployment rate and despite some positive signs, 

depressed housing market conditions. The latest 

accompanying statement affirmed the extended timeframe 

for the current monetary policy stance (first adopted at the 

January 2012 meeting), stating that, “economic conditions 

are likely to warrant exceptionally low levels for the federal 

funds rate at least through late 2014.” 

In addition to lowering the federal funds rate target in 

late 2008, the Federal Reserve significantly expanded its 

tools to increase liquidity in credit markets, and eased 

lending terms to sectors in need of liquidity, including a 

variety of facilities and funds directed at specific financial 

markets. As of June 30, 2010, all of these special facilities 

had expired. At the August 2010 FOMC meeting, the Federal 

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 
PROFILE OF THE ECONOMY 7 

September 2012 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 

securities, all by the end of June 2012. The Committee also 

announced a reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure last year as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. These concerns have persisted in 2012. 

Credit flows have improved substantially since early 2009, 

although credit conditions in some markets remain relatively 

tight. Bank lending conditions have eased in standards and 

terms, and demand for business, mortgage, and consumer 

loans has increased. Demand for residential loans has 

increased sharply in the last several months in connection 

with mortgage refinancing. After some deterioration in the 

summer of 2011, measures of risk tolerance and volatility 

have stabilized or improved. 

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009, 12.8 percent in 2010, but was flat in 

2011. However, thus far in 2012, the S&P is up nearly 11 

percent and has risen by almost 28 percent from a recent low 

in early October, 2011. The S&P Stock Market Volatility 

Index (VIX), often used as a measure of financial market 

uncertainty, surged to an all-time high of 80 in late October 

2008, after hovering in a range of 20 to 30 for most of that 

year. The VIX retreated fairly steadily during 2009, ending 

that year at about 20. Since then, the VIX has fluctuated 

more widely, resurging to 46 in mid-May 2010 and to that 

level again in early October 2011. Since the most recent 

peak, this index has trended lower, and stood at about 16 as 

of early August. 

A variety of factors have buffeted long-term Treasury 

interest rates, including flight-to-quality flows in response to 

a variety of specific risk events, as well as supply concerns 

related to funding of the government’s debt, concern about 

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P (Standard & Poor’s) in 

August 2011, and ongoing concerns about European debt 

markets and debt downgrades in some European countries. 

The yield on the 10-year note traded above the 3 percent 

level during the first half of 2011, but has since trended 

lower, reaching a record low of 1.43 percent in late July 

2012. As of early August, the yield had edged back up to 1.6 

percent. The 3-month Treasury bill yield fluctuated in a 

range from about 0.05 percent to 0.17 percent for much of 

2011, but between August 2011 and January 2012, the yield 

fluctuated in a range of 0.0 percent to 0.02 percent. Since 

then, the yield has fluctuated around 0.1 percent as of early 

August 2012. The 2- to 10-year Treasury yield spread, one 
8 PROFILE OF THE ECONOMY 

September 2012 

measure of the steepness of the yield curve, widened to 291 

basis points in early February 2011 but, has since trended 

noticeably lower, and stood at about 136 basis points as of 

early August 2012. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 

spread, a measure of inter-bank liquidity and credit risk) rose 

to an all-time high of nearly 460 basis points in early 

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread. Through 

early August 2011, the TED spread fluctuated in a range 

from 14 to 25 basis points. Since then, this spread has 

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 35 basis points in early August. 

The spread between the Baa corporate bond yield and the 

10-year Treasury yield peaked at nearly 620 basis points in 

December 2008. After narrowing on trend in the intervening 

years and trading below 300 basis points for much of 2011, 

it widened above that level again in early August 2011 and 

stood at 340 basis points, still very high by historical 

standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 3.68 percent as of late July 2012. 

Foreign Exchange Rates 

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. For example, between February 

2002 and July 2009, the exchange value of the dollar 

compared to an index of these currencies fell by about 32 

percent. Over the past 2 years (July 2010 to July 2012), the 

dollar has depreciated by 2.0 percent against this index. Over 

the longer timeframe, the dollar depreciated by nearly 30 

percent against the yen and by 38 percent against the euro. 

Over the past 2 years, the dollar has depreciated by 9.8 

percent against the yen and has appreciated by 4.3 percent 

against the euro. Against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico), the dollar depreciated 2 percent over the longer 

timeframe, and has depreciated 1.2 percent against this 

basket over the past 2 years. 
September 2012 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the 

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 

September 2012 

10 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by 

agency. 

 Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2012 supplements fiscal data reported in the 

June issue of the “Treasury Bulletin.” At the time 

of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $356.3 billion for the third 

quarter of fiscal year 2012. This is an increase of $17.0 

billion over the comparable prior year quarter. Withheld 

receipts increased by $2.9 billion and non-withheld receipts 

increased by $4.3 billion during this period. Refunds 

decreased by $9.8 billion over the comparable fiscal year 

2011 quarter. There was a decrease of $1.9 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2011. 

Corporate income taxes—Net corporate income tax 

receipts were $91.4 billion for the third quarter of fiscal year 

2012. This is an increase of $12.2 billion compared to the 

prior year third quarter. The $12.2 billion change is 

comprised of an increase of $9.2 billion in estimated and 

final payments, and a decrease of $3.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2012 were $217.9 billion, an increase of $11.1 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $6.6 billion, $1.1 billion, and $3.4 billion 

respectively. There was a $0.8 billion accounting adjustment 

for prior years’ employment tax liabilities made in the third 

quarter of fiscal year 2012, while there was a -$1.1 billion 

adjustment in the third quarter of fiscal year 2011. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the third quarter of fiscal year 

2012 were $30.5 billion, an increase of $1.9 billion over the 

comparable quarter of fiscal year 2011. Net State taxes 

deposited in the U.S. Treasury increased by $2.6 billion to 

$27.4 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.7 billion to $3.1 billion. 
FEDERAL FISCAL OPERATIONS 

September 2012 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

third quarter of fiscal year 2012. This is a negligible change 

from the comparable quarter of fiscal year 2011. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2012 were $20.9 billion, an increase of 

$2.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.8 billion, a 

decrease of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.4 billion for the third quarter of fiscal year 2012. 

These receipts represent a decrease of $2.3 billion over the 

same quarter in fiscal year 2011. 

Customs duties—Customs duties net of refunds were 

$7.3 billion for the third quarter of fiscal year 2012. This is 

an increase of $0.2 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2012 were $30.0 billion, 

an increase of $2.8 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks increasing by $1.0 billion. 

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Third quarter 

 April - June 

 Actual fiscal 

 year to date 2012 

Total on- and off-budget results: 

Total receipts ............................................................... 759,697 1,824,081

On-budget receipts .................................................. 597,759 1,389,918

Off-budget receipts .................................................. 161,939 434,163

Total outlays................................................................. 884,957 2,728,318

On-budget outlays.................................................... 784,678 2,380,804

Off-budget outlays.................................................... 100,279 347,512

Total surplus or deficit (-)............................................. -125,260 -904,236

On-budget surplus or deficit (-)................................ -186,919 -990,885

Off-budget surplus or deficit (-)................................ 61,660 86,652

Means of financing: 

Borrowing from the public ............................................ 198,200 922,476

Reduction of operating cash........................................ -47,939 -33,330

Other means ................................................................ -25,001 15,087

Total on- and off-budget financing........................... 125,260 904,236

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2012 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source April May June 

Individual income taxes...................................................... 178.6 68.6 109.2

Corporate income taxes..................................................... 27.8 6.7 56.9

Employment and general retirement.................................. 82.5 61.8 73.7

Unemployment insurance .................................................. 8.8 20.4 1.3

Contributions for other insurance and retirement .............. 0.3 0.4 0.3

Excise taxes ....................................................................... 7.4 6.3 7.2

Estate and gift taxes .......................................................... 2.6 0.9 0.9

Customs duties .................................................................. 2.6 2.2 2.5

Miscellaneous receipts ....................................................... 8.3 13.5 8.2

Total budget receipts ..................................................... 318.8 180.7 260.2

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 

September 2012 

12 
FEDERAL FISCAL OPERATIONS 

September 2012 

13

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2007 ............................ 2,567,447 1,932,359 635,088 2,728,970 2,275,334 453,636 -161,527 -342,978 181,452 499,976

2008 ............................ 2,523,324 1,865,279 658,045 2,978,123 2,503,371 474,751 -454,798 -638,092 183,294 1,035,015

2009 ............................ 2,104,365 1,450,355 654,010 3,520,088 3,003,070 517,018 -1,415,722 -1,552,714 136,992 1,889,727

2010 ............................ 2,161,728 1,530,040 631,688 3,455,931 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576 2012 - Est.................... 2,468,599 1,896,459 572,140 3,795,547 3,290,381 505,166 -1,326,948 -1,393,922 66,974 1,586,018

2013 - Est.................... 2,901,956 2,224,545 677,411 3,803,364 3,169,287 634,077 -901,408 -944,742 43,334 1,196,753 2011 - June ................. 249,658 199,467 50,191 292,738 296,470 -3,732 -43,080 -97,003 53,922 -221

July .................. 159,063 117,047 42,016 288,439 242,804 45,635 -129,376 -125,757 -3,619 485

Aug .................. 169,246 126,274 42,972 303,388 252,991 50,398 -134,143 -126,717 -7,426 342,447

Sept................. 240,153 192,532 47,622 301,699 250,124 51,575 -61,546 -57,593 -3,953 108,016

Oct................... 163,072 123,769 39,303 261,539 214,770 46,768 -98,466 -91,001 -7,465 206,986

Nov .................. 152,402 110,346 42,056 289,704 238,285 51,419 -137,302 -127,939 -9,363 117,297

Dec .................. 239,963 201,911 38,052 325,930 328,868 -2,939 -85,967 -126,957 40,991 113,814

2012 - Jan ................... 234,319 178,871 55,448 r 261,726 r 217,653 44,073 r -27,407 r -38,782 11,375 133,900

Feb .................. 103,413 57,954 45,459 r 335,090 r 281,056 54,034 r -231,677 r -223,102 -8,575 132,323

Mar .................. 171,215 119,308 51,906 r 369,372 r 315,494 53,878 r -198,157 r -196,185 -1,971 92,883

Apr................... 318,807 258,106 60,701 259,690 215,365 44,325 59,117 42,741 16,376 110,685

May.................. 180,713 134,391 46,322 305,348 251,615 53,733 -124,636 -117,224 -7,411 78,247

June................. 260,177 205,262 54,916 319,919 317,698 2,221 -59,741 -112,436 52,695 86,220 Fiscal year 2012 to date ... 1,824,081 1,389,918 434,163 2,728,318 2,380,804 347,512 -904,236 -990,885 86,652 1,072,355

Means of financing—net transactions, con.

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 160,745

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,356 - 454,040

2009 ...................................... 99 146,766 1,743,060 -96,343 45,528 1,674 8,719 -368,200 - 1,415,282

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591 2012 - Est.............................. 645 136,786 1,449,877 1,910 * * * -121,018 * 1,326,948

2013 - Est.............................. 310 138,445 1,058,618 - * * * -157,210 * 901,408 2011 - June ........................... -125 -20,294 19,948 17,365 90 3,148 81 43,816 - 43,080

July............................ 1,015 -14,376 15,877 -69,808 -52 1,433 1,300 46,372 - 129,376

Aug............................ -15 73,507 268,925 -22,687 401 -416 224 -157,260 - 134,143

Sept........................... -517 3,248 104,251 13,601 -1,708 2,088 -594 -29,318 - 61,546

Oct............................. -346 74,491 132,149 41,156 869 630 427 9,399 - 98,466

Nov............................ 448 -17,013 134,758 -11,641 -1,206 29 -427 -10,701 - 137,302

Dec............................ 185 54,941 59,058 -1,868 -583 1,227 130 25,815 - 85,967

2012 - Jan ............................. -670 8,507 124,724 72,859 566 -125 284 r -23,733 - r 27,407

Feb ............................ 22 -18,006 150,351 -96,053 188 -179 138 r -14,580 - r 231,677

Mar............................ -188 -30,542 123,237 -19,062 -248 1,121 -16 r 56,715 - r 198,157

Apr............................. 589 41,096 70,178 123,139 51 1,939 125 -4,041 - -59,117

May ........................... -529 -11,904 89,621 -54,251 -1,432 -239 -515 -21,422 - 124,636

June .......................... -25 47,795 38,400 -20,949 261 171 431 1,254 - 59,741 Fiscal year 2012 to date .......... -514 149,365 922,476 33,330 -1,534 4,574 577 18,706 - 904,236 

 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, 

released by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2012 

14 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

2007 .................. 928,583 437,668 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996

2008 .................. 970,195 455,399 279,845 1,145,748 354,293 49,947 304,346 1,450,094 854,485 2,461 852,024

2009 .................. 861,774 312,474 258,940 915,307 225,891 87,662 138,229 1,053,536 847,184 2,511 844,673

2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

 

2012 - Est.......... 1,164,650 - - 1,164,650 236,801 - 236,801 1,401,451 774,687 - 774,687

2013 - Est.......... 1,359,260 - - 1,359,260 347,741 - 347,741 1,707,001 891,354 - 891,354

 

2011 - June ....... 75,013 41,972 3,913 113,072 50,594 1,839 48,755 161,827 67,792 - 67,792

July ........ 74,281 5,774 4,325 75,730 8,541 2,289 6,253 81,983 56,231 - 56,231

Aug ........ 84,027 5,715 3,302 86,440 3,757 2,120 1,637 88,077 57,580 - 57,580

Sept....... 72,449 46,108 4,176 114,381 42,176 3,269 38,908 153,289 67,394 2,094 65,300

Oct......... 81,933 12,719 7,905 86,747 10,241 7,775 2,466 89,213 54,135 - 54,135

Nov ........ 74,525 5,288 9,142 70,671 4,483 2,846 1,637 72,308 58,140 - 58,140

Dec ........ 102,324 12,255 1,627 112,952 53,540 2,030 51,510 164,462 54,356 - 54,356

2012 - Jan ......... 89,909 50,103 6,588 133,424 8,019 3,470 4,549 137,973 74,426 - 74,426

Feb ........ 96,934 5,442 80,917 21,460 4,248 3,844 405 21,865 60,107 - 60,107

Mar ........ 96,983 10,171 48,264 58,890 29,394 5,424 23,970 82,860 68,895 - 68,895

Apr......... 83,355 145,631 50,421 178,565 32,732 4,950 27,782 206,347 82,059 - 82,059

May........ 80,698 6,529 18,653 68,574 8,293 1,557 6,736 75,310 61,437 - 61,437

June....... 70,886 43,322 5,018 109,189 58,278 1,403 56,875 166,064 73,810 - 73,810

 

Fiscal year 2012 

 to date................ 777,547 291,460 228,535 840,472 209,228 33,299 175,930 1,016,402 587,365 - 587,365

 

Fiscal year 

or month 

Social insurance and retirement receipts, con.

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2007 ............................ 4,263 2 4,261 824,257 41,216 125 41,091 4,207 51 4,258

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,125 44 4,169

2009 ............................ 4,214 1 4,213 848,886 37,996 107 37,889 4,104 38 4,142

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

 

2012 - Est.................... 4,487 - 4,487 779,174 57,138 - 57,138 4,315 23 4,338

2013 - Est.................... 4,815 - 4,815 896,169 57,861 - 57,861 5,007 20 5,027

 2011 - June ................. -117 1 -119 67,673 697 15 682 359 2 361

July.................. 378 * 378 56,609 2,642 18 2,624 300 3 303

Aug.................. 427 -1 427 58,007 8,173 8 8,165 303 3 305

Sept................. 342 * 342 65,642 745 6 739 367 3 370

Oct................... 393 * 393 54,528 2,745 -1 2,745 292 2 293

Nov.................. 362 1 362 58,501 4,880 3 4,878 344 3 347

Dec.................. 336 * 335 54,692 3,717 7 3,711 316 3 318

2012 - Jan ................... 397 * 397 74,823 4,168 -1 4,169 288 2 290

Feb.................. 445 * 445 60,552 3,926 2 3,924 287 3 290

Mar.................. 366 * 366 69,262 645 9 636 343 3 346

Apr................... 393 * 393 82,451 8,822 21 8,801 286 2 288

May ................. 360 4 356 61,792 20,404 10 20,393 349 3 351

June ................ -121 * -121 73,689 1,356 15 1,341 287 2 289

 

Fiscal year 2012 to date.... 2,931 5 2,926 590,290 50,663 65 50,598 2,792 23 2,812

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2012 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 14,960 47,003 1,932,359 635,088

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 15,732 49,330 1,865,279 658,045

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 95,855 1,530,040 631,688

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787 2012 - Est............... 79,415 11,377 - 11,377 30,817 - 30,817 81,339 23,550 104,889 1,896,459 572,140

2013 - Est............... 88,055 12,738 - 12,738 33,488 - 33,488 80,356 21,261 101,617 2,224,545 677,411 2011 - June ............ 6,752 208 18 190 2,599 88 2,511 8,298 1,364 9,662 199,467 50,191

July............. 6,099 197 18 179 2,891 92 2,799 7,071 1,396 8,467 117,047 42,016

Aug............. 5,011 202 45 157 2,762 114 2,648 5,392 1,485 6,877 126,274 42,972

Sept............ 10,095 271 26 245 2,972 101 2,871 5,188 1,715 6,903 192,532 47,622

Oct.............. 4,870 1,056 35 1,021 2,964 120 2,844 5,963 1,595 7,558 123,769 39,303

Nov............. 6,708 1,028 61 967 2,746 120 2,626 4,615 1,452 6,067 110,346 42,056

Dec............. 6,220 1,023 20 1,003 2,543 326 2,217 5,277 2,064 7,341 201,911 38,052

2012 - Jan .............. 5,771 961 14 947 2,638 370 2,268 6,504 1,575 8,079 178,871 55,448

Feb ............. 4,907 1,299 21 1,278 2,435 97 2,339 6,715 1,544 8,259 57,954 45,459

Mar............. 6,303 979 37 941 2,379 109 2,270 7,106 1,491 8,597 119,308 51,906

Apr.............. 7,424 2,581 23 2,558 2,719 103 2,616 6,272 2,051 8,322 258,106 60,701

May ............ 6,275 999 66 932 2,327 129 2,199 10,700 2,760 13,459 134,391 46,322

June ........... 7,235 912 52 860 2,589 92 2,497 6,857 1,346 8,202 205,262 54,916 Fiscal year 2012 

 to date ....................... 55,713 10,838 329 10,507 23,340 1,466 21,876 60,009 15,878 75,884 1,389,918 434,163 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released 

by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

2007.............................. 869,607 11,535 67 11,468 639 - 639 40,402 1,040 39,362 18,734 5,134 13,600

2008.............................. 900,154 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304

2009.............................. 890,918 10,679 110 10,569 645 - 645 36,007 1,046 34,961 23,408 7,100 16,308

2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320 2012 - Est ..................... 840,650 11,600 - 11,600 603 - 603 38,714 - 38,714 28,498 - 28,498

2013 - Est ..................... 959,057 12,812 - 12,812 600 - 600 39,308 - 39,308 35,335 - 35,335 2011 - June................... 68,716 1,017 - 1,017 51 - 51 3,099 - 3,099 2,678 93 2,585

July.................... 59,536 1,049 - 1,049 53 - 53 3,199 - 3,199 2,036 238 1,798

Aug.................... 66,477 1,100 4 1,096 50 - 50 2,712 - 2,712 2,152 999 1,153

Sept................... 66,751 1,429 3 1,426 86 - 86 5,364 - 5,364 3,828 610 3,218

Oct .................... 57,566 256 - 256 14 - 14 815 - 815 3,926 142 3,784

Nov.................... 63,726 1,082 - 1,082 58 - 58 3,825 - 3,825 1,963 219 1,744

Dec.................... 58,721 1,034 - 1,034 55 - 55 3,655 - 3,655 1,660 183 1,477

2012 - Jan..................... 79,282 870 - 870 47 - 47 3,070 - 3,070 1,947 164 1,783

Feb.................... 64,766 1,312 8 1,304 71 - 71 4,368 - 4,368 516 1,353 -837

Mar.................... 70,244 1,032 - 1,032 58 - 58 3,136 - 3,136 2,260 184 2,076

Apr .................... 91,540 1,089 - 1,089 62 - 62 3,299 - 3,299 3,052 78 2,974

May ................... 82,536 1,307 4 1,303 61 - 61 3,790 - 3,790 1,646 525 1,121

June .................. 75,319 1,139 - 1,139 50 - 50 2,143 - 2,143 4,075 172 3,904 Fiscal year 2012 to date.... 643,700 9,121 12 9,109 476 - 476 28,101 - 28,101 21,045 3,020 18,026 
FEDERAL FISCAL OPERATIONS 

September 2012 

16 

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2007 ....................... 4,292 6,008 84,423 6,477 528,575 66,372 20,117 671,983 39,172 45,559 10,467 23,351 47,543

2008 ....................... 4,409 6,345 90,789 7,725 594,656 65,957 21,404 700,454 40,683 49,086 9,822 26,544 58,840

2009 ....................... 4,703 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973 2012 - Est............... 5,253 7,581 150,680 11,326 688,254 98,467 38,998 871,836 60,443 56,788 11,241 34,556 127,157

2013 - Est............... 4,903 7,717 154,502 8,990 672,879 71,906 33,272 940,832 55,345 46,283 13,345 36,517 101,693 2011 - June ............ 370 584 10,888 775 56,729 -20,237 3,449 77,921 4,174 13,095 1,410 2,477 9,395

July ............. 350 557 9,813 700 52,368 6,097 2,696 70,059 3,510 3,725 1,235 2,477 9,746

Aug ............. 363 617 10,800 955 56,404 8,385 1,681 75,802 3,833 3,852 1,196 2,548 10,711

Sept ............ 356 807 11,091 671 63,208 3,731 1,228 85,476 4,886 3,281 1,235 2,409 9,359

Oct.............. 413 580 18,001 899 58,055 4,075 2,983 53,149 5,002 3,921 1,019 3,049 7,089

Nov ............. 394 556 11,097 931 53,132 6,628 2,835 71,949 4,578 4,089 1,213 2,562 10,150

Dec ............. 384 567 13,979 940 61,084 6,438 3,233 70,259 4,754 4,180 1,013 2,587 9,942

2012 - Jan .............. 366 572 13,496 811 47,420 367 2,593 63,424 3,397 3,626 939 2,463 10,321

Feb ............. 368 561 10,684 989 52,093 10,108 2,677 70,599 3,236 3,867 995 2,379 9,527

Mar ............. 378 743 10,551 938 63,656 7,279 2,367 89,610 4,244 3,698 1,017 2,267 9,152

Apr.............. 390 537 11,198 909 43,892 1,899 2,533 55,399 3,942 3,480 861 3,115 8,695

May............. 345 590 10,319 817 54,675 5,584 2,981 78,117 3,325 2,559 1,018 3,183 8,978

June............ 375 588 10,678 759 56,341 -3,130 2,688 93,722 3,744 3,771 1,337 2,473 8,032 ` Fiscal year 2012 

 to date ...................... 3,413 5,294 110,003 7,993 490,348 39,248 24,890 646,228 36,222 33,191 9,412 24,078 81,886 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2007 ....................... 13,739 61,701 429,978 60,619 72,792 3,918 47,111 8,258 2,957 29 12,750

2008 ....................... 17,493 64,945 451,154 97,658 84,746 5,077 45,783 7,938 1,172 342 11,362

2009 ....................... 21,430 73,006 383,073 318,701 95,454 6,840 57,276 8,070 742 320 14,801

2010 ....................... 23,804 77,751 413,955 30,385 108,275 9,875 54,031 11,007 583 861 20,040

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601 

2012 - Est............... 29,937 84,135 450,335 129,283 129,186 9,184 51,991 9,352 414 1,083 25,554

2013 - Est............... 31,888 98,523 472,040 71,282 139,742 8,137 57,224 8,935 408 736 27,496 

2011 - June ............ 1,790 7,491 110,537 8,426 9,996 921 4,037 815 45 263 3,085

July............. 1,747 6,140 26,645 3,613 9,518 669 4,109 735 15 -82 564

Aug............. 1,818 8,330 21,614 3,946 10,403 613 4,761 759 30 259 2,013

Sept............ 3,415 8,066 19,883 -19,986 15,728 701 8,749 989 54 202 2,143

Oct.............. 2,233 7,293 27,771 5,188 5,989 755 -696 549 34 112 1,221

Nov............. 2,550 6,534 21,709 3,155 9,985 719 4,829 948 27 66 2,501

Dec............. 2,798 6,921 98,114 13,434 14,528 844 9,356 927 31 277 2,380

2012 - Jan .............. 1,798 4,897 21,106 4,163 5,732 580 1,049 910 29 -4 3,086

Feb............. 1,408 4,896 17,414 51,600 10,235 541 5,265 766 32 61 1,286

Mar............. 1,774 5,346 24,683 32,860 18,120 682 8,706 894 38 160 1,002

Apr.............. 1,871 5,653 30,121 10,744 5,850 553 -966 894 28 -63 2,575

May ............ 2,199 6,187 30,507 3,513 10,772 730 4,023 881 47 356 2,109

June ........... 2,033 6,801 103,887 -563 14,592 581 8,783 878 32 64 2,219 Fiscal year 2012 

 to date...................... 18,664 54,528 375,312 124,094 95,803 5,985 40,349 7,647 298 1,029 18,379 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

September 2012 

17

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636

2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751

2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

 

2012 - Est.......... 17,637 8,281 87,462 3,157 827,061 48,079 -86,533 -180,392 -7,879 -4,360 3,290,381 505,166

2013 - Est.......... 17,806 7,528 92,426 1,382 880,822 6,834 -84,535 -173,309 -6,967 -3,218 3,169,287 634,077

 

2011 - June ....... 1,500 655 5,558 112 69,482 -1,742 -5,715 -84,994 -551 - 296,470 -3,732

July........ 1,447 652 6,645 88 65,150 4,942 -4,900 -2,519 -74 - 242,804 45,635

Aug........ 1,389 755 6,405 112 65,319 4,818 -5,079 -959 -1,064 - 252,991 50,398

Sept....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 250,124 51,575

Oct......... 1,168 610 6,972 113 61,488 7,851 -21,363 -3,615 -370 - 214,770 46,768

Nov........ 1,523 537 6,043 103 65,499 -473 -5,519 -511 -636 - 238,285 51,419

Dec........ 1,735 569 5,964 95 70,359 5,097 -6,635 -80,226 3 - 328,868 -2,939

2012 - Jan ......... 974 564 6,946 101 64,416 r 3,239 -5,420 -1,058 -1,178 - r 217,653 44,073

Feb ........ 1,277 513 6,524 82 68,347 r 2,631 -5,398 157 -630 - r 281,056 54,034

Mar........ 1,349 574 6,474 1,888 73,332 r 2,684 -5,703 -1,214 -176 - r 315,494 53,878

Apr......... 1,227 524 7,272 116 65,102 2,504 -5,646 -4,412 -1,109 - 215,365 44,325

May ....... 1,338 552 6,381 72 69,270 2,784 -5,754 -2,706 -401 - 251,615 53,733

June ...... 1,468 668 6,168 83 78,205 -409 -5,661 -81,137 -153 - 317,698 2,221

 Fiscal year 2012 

to date ................ 12,059 5,112 58,742 2,654 616,018 25,908 -67,099 -174,722 -4,650 - 2,380,804 347,512 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, 

released by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2012 

18 

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2012 and Other Periods 

[In millions of dollars. Source: Financial Management Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 840,435 36 - 840,471 814,884 38 - 814,922

Corporation income taxes........................................... 175,929 - - 175,929 134,288 - - 134,288

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 434,163 434,163 - - 433,178 433,178

Employment and general retirement (on-budget)... - - 156,127 156,127 - - 143,790 145,079

Unemployment insurance ....................................... - - 50,598 50,598 - - 45,886 44,712

Other retirement...................................................... - - 2,813 2,813 - - 3,165 3,073

Excise taxes ................................................................ 14,868 744 40,101 55,713 14,717 660 35,389 51,176

Estate and gift taxes ................................................... 10,508 - - 10,508 - - 433 6,818

Customs duties ........................................................... 13,944 6,722 1,209 21,876 6,818 - - 21,201

Miscellaneous receipts................................................ 62,160 13,051 674 75,884 80,422 18,589 1,775 79,585

Total receipts....................................................... 1,117,844 20,553 685,685 1,824,082 1,051,128 19,287 663,617 1,734,033

(On-budget)..................................................... 1,117,844 20,553 251,521 1,389,918 1,051,128 19,287 230,440 1,300,855

(Off-budget)..................................................... - - 434,163 434,163 - - 433,178 433,178

 

Budget outlays: 

Legislative branch ....................................................... 3,464 -47 -5 3,412 3,513 7 -7 3,513

Judicial branch ............................................................ 5,069 283 -58 5,294 5,135 216 -37 5,315

Department of Agriculture ........................................... 98,272 11,037 697 110,005 94,625 12,353 715 107,692

Department of Commerce........................................... 7,614 383 -1 7,996 7,190 412 1 7,604

Department of Defense-military .................................. 487,791 2,430 127 490,348 503,561 2,464 72 506,097

Department of Education ............................................ 38,616 632 * 39,248 46,625 -568 1 46,058

Department of Energy................................................. 26,367 -1,478 * 24,889 26,989 -1,223 * 25,766

Department of Health and Human Services ............... 460,272 -363 186,320 646,229 493,802 -218 166,323 659,906

Department of Homeland Security.............................. 37,580 -1,676 318 36,222 36,108 -2,729 136 33,515

Department of Housing and Urban Development....... 33,457 -267 1 33,191 46,410 -254 -7 46,149

Department of the Interior........................................... 9,056 7 352 9,414 9,262 236 365 9,862

Department of Justice ................................................. 21,307 2,784 -14 24,077 21,419 1,697 -32 23,084

Department of Labor................................................... 55,841 65 25,981 81,887 64,018 -1,086 39,225 102,157

Department of State.................................................... 18,484 -320 499 18,663 16,811 86 468 17,365

Department of Transportation..................................... 11,811 -269 42,985 54,527 15,640 -217 39,343 54,766

Department of the Treasury: 

Interest on the public debt....................................... 375,312 - - 375,312 385,873 - - 385,873

Other ....................................................................... 123,493 504 97 124,094 94,663 305 179 95,147

Department of Veterans Affairs .................................. 97,016 -1,950 736 95,802 92,628 -2,112 752 91,269

Corps of Engineers ..................................................... 5,056 190 739 5,985 7,866 192 97 8,154

Other defense civil programs...................................... 71,580 -6,285 -24,948 40,348 71,277 -11,078 -23,043 37,156

Environmental Protection Agency............................... 7,644 -59 64 7,649 8,362 -29 -46 8,288

Executive Office of the President................................ 297 * - 297 385 * * 385

General Services Administration ................................ -49 1,078 - 1,029 90 1,421 * 1,511

International Assistance Program............................... 18,679 -579 280 18,379 17,545 -508 -1,170 15,867

National Aeronautics and Space Administration ........ 12,163 -105 1 12,059 13,046 -14 1 13,034

National Science Foundation...................................... 5,025 90 -3 5,112 4,956 92 -11 5,037

Office of Personnel Management ............................... 8,107 -1,734 52,370 58,742 7,633 -1,632 48,919 54,920

Small Business Administration ................................... 2,668 -15 * 2,652 5,870 -6 * 5,864

Social Security Administration .................................... 144,947 -13 471,084 616,018 107,227 * 476,954 584,181

Other independent agencies....................................... 9,080 13,559 3,268 25,907 8,838 -5,215 -1,317 2,306

Undistributed offsetting receipts: 

Interest .................................................................... - - -174,722 -174,722 -4,680 2 -184,211 -184,221

Other ....................................................................... -4,649 -11,145 -55,954 -71,749 - -11,423 -52,970 -69,061

Total outlays........................................................ 2,191,368 6,736 530,213 2,728,317 2,212,686 -18,828 510,701 2,704,559

(On-budget)..................................................... 2,191,112 6,754 182,939 2,380,804 2,212,428 -19,555 160,686 2,353,559

(Off-budget)..................................................... 256 -17 347,275 347,513 259 727 350,015 351,001

Surplus or deficit (-)............................................. -1,073,524 13,817 155,472 -904,236 -1,161,558 38,115 152,916 -970,526

(On-budget)..................................................... -1,073,268 13,800 68,583 -990,886 -1,161,299 38,842 69,754 -1,052,703

(Off-budget)..................................................... -256 17 86,889 86,650 -259 -727 83,163 82,177

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2012 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

[In millions of dollars. Source: Financial Management Service] 

Credits and withdrawals 

Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

 2011 - June ..................................... 907,430 58,898 948,843 127,622 127,742 

July ...................................... 610,948 44,530 725,437 93,363 93,212 

Aug ...................................... 912,117 45,996 980,804 97,073 97,069 

Sept..................................... 953,587 55,536 995,320 123,221 123,423 

Oct....................................... 767,502 46,541 773,042 98,338 98,183 

Nov ...................................... 781,926 45,274 838,879 89,746 89,708 

Dec ...................................... 815,735 66,472 882,076 145,854 147,853 

2012 - Jan....................................... 915,161 52,248 894,550 117,741 117,741 

Feb ...................................... 848,042 47,199 991,294 111,126 111,126 

Mar ...................................... 912,466 55,392 986,921 137,882 137,882 

Apr....................................... 918,386 204,018 999,265 - - 

May...................................... 814,030 147,807 1,016,087 - - 

June..................................... 591,720 197,986 810,655 - - 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

September 2012 

20 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 1

[In millions of dollars. Source: Financial Management Service] 

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2007 ....................... 5,539 - 69,698 29,504 - 98,264 3,239 - 75 5,216 - 23,961 

2008 ....................... 32,988 - 39,129 32,988 - 135,752 2,973 - - 5,181 - 17,751 

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

 

2011 - June ............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 

July ............. 65,172 - 2,004 107,369 5,000 2,038 35,827 - 1,879 70,304 4,355 1,987 

Aug ............. 42,481 - 2,007 66,958 - 2,048 8,905 - 1,948 24,006 - 1,998 

Sept............ 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 

Oct.............. 97,285 - 1,960 97,285 - 2,034 16,185 - 1,805 44,981 - 1,981 

Nov ............. 85,605 - 1,999 85,605 - 2,088 20,307 - 1,953 40,315 - 2,005 

Dec ............. 85,737 - 2,017 118,682 - 2,215 15,310 - - 67,361 - 1,891 

2012 - Jan.............. 158,596 - - 158,596 - - 65,264 - - 94,262 - - 

Feb ............. 62,542 - - 129,076 - - 25,595 - - 62,402 - - 

Mar ............. 43,480 - - 107,604 - - 26,437 - - 64,779 - - 

Apr.............. 166,619 - - 166,619 - - 23,565 - - 68,344 - - 

May............. 112,369 - - 136,746 - - 66,205 - - 96,066 - - 

June............ 91,419 - - 139,880 - - 36,248 - - 86,946 - - 

 

 

1 This report does not include Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
September 2012 

21

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2012

22 

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971 

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982 

 

2011 - June.................... 14,367,591 14,343,087 24,504 4,596,214 4,596,208 6 9,771,377 9,746,879 24,498 

July..................... 14,367,889 14,342,369 25,520 4,581,748 4,581,742 6 9,786,141 9,760,627 25,514 

Aug..................... 14,709,806 14,684,292 25,514 4,655,154 4,655,148 6 10,054,652 10,029,144 25,508 

Sept.................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982 

Oct ..................... 15,018,350 14,993,709 24,642 4,732,703 4,732,697 6 10,285,647 10,261,012 24,636 

Nov..................... 15,135,588 15,110,499 25,090 4,715,598 4,715,592 6 10,419,990 10,394,907 25,084 

Dec..................... 15,248,213 15,222,940 25,274 4,770,443 4,770,437 6 10,477,770 10,452,503 25,268 

2012 - Jan...................... 15,380,745 15,356,140 24,605 4,778,855 4,778,848 6 10,601,890 10,577,292 24,599 

Feb..................... 15,513,518 15,488,891 24,627 4,760,759 4,760,753 6 10,752,759 10,728,138 24,621 

Mar..................... 15,606,518 15,582,079 24,439 4,730,124 4,730,118 6 10,876,394 10,851,961 24,433 

Apr ..................... 15,717,395 15,692,367 25,028 4,771,128 4,771,122 6 10,946,267 10,921,245 25,022 

May .................... 15,795,183 15,770,684 24,499 4,759,124 4,759,118 6 11,036,059 11,011,566 24,493 

June ................... 15,879,511 15,855,037 24,474 4,806,826 4,806,820 6 11,072,685 11,048,217 24,468 

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764 

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613 

 

2011 - June .................... 14,367,591 56,800 14,310,792 4,596,214 23,983 4,572,231 9,771,377 32,817 9,738,561 

July..................... 14,367,889 55,596 14,312,292 4,581,748 23,894 4,557,855 9,786,141 31,702 9,754,437 

Aug..................... 14,709,806 55,072 14,654,733 4,655,154 23,792 4,631,362 10,054,652 31,280 10,023,371 

Sept.................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613 

Oct...................... 15,018,350 49,488 14,968,863 4,732,703 23,602 4,709,101 10,285,647 25,886 10,259,761 

Nov..................... 15,135,588 48,980 15,086,608 4,715,598 23,510 4,692,088 10,419,990 25,470 10,394,520 

Dec..................... 15,248,213 47,608 15,200,606 4,770,443 23,413 4,747,030 10,477,770 24,195 10,453,576 

2012 - Jan ...................... 15,380,745 46,908 15,333,837 4,778,855 23,318 4,755,537 10,601,890 23,590 10,578,300 

Feb ..................... 15,513,518 47,335 15,466,182 4,760,759 23,228 4,737,531 10,752,759 24,107 10,728,652 

Mar ..................... 15,606,518 47,640 15,558,877 4,730,124 23,128 4,706,996 10,876,394 24,512 10,851,881 

Apr...................... 15,717,395 47,244 15,670,151 4,771,128 23,036 4,748,092 10,946,267 24,208 10,922,059 

May .................... 15,795,183 47,315 15,747,868 4,759,124 22,936 4,736,188 11,036,059 24,379 11,011,680 

June ................... 15,879,511 45,447 15,834,064 4,806,826 22,843 4,783,983 11,072,685 22,604 11,050,081 

 
FEDERAL DEBT 

September 2012 

23

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

2010 ....................................... 188,796 - 4,186 129,355 193,208 29,995 1,340 

2011 ....................................... 185,187 - 2,986 151,346 151,831 29,995 1,386 

 

2011 - June ............................ 186,085 - 3,686 39,793 166,423 29,995 1,380 

July............................. 185,758 - 3,086 22,187 155,835 29,995 1,367 

Aug............................. 185,368 - 2,986 151,903 150,918 29,995 1,435 

Sept............................ 185,187 - 2,986 151,346 151,831 29,995 1,386 

Oct.............................. 185,622 - 2,986 155,188 154,480 29,995 1,407 

Nov............................. 185,493 - 2,986 157,104 154,665 29,995 1,335 

Dec............................. 185,278 - 2,986 159,019 152,058 29,995 1,328 

2012 - Jan .............................. 185,199 - 3,786 158,824 144,401 29,995 1,318 

Feb ............................. 185,033 - 3,786 157,237 143,880 29,995 1,328 

Mar ............................. 184,840 - 3,586 156,667 152,781 29,995 1,329 

Apr.............................. 184,913 - 3,386 157,707 159,742 29,995 1,311 

May ............................ 184,670 - 3,186 159,012 163,153 29,995 1,323 

June ........................... 184,433 - 2,986 161,425 162,015 29,995 1,323 

 

TABLE FD-2.—Debt Held by the Public 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880 

2011 .................................. 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731 

 

2011 - June ....................... 9,742,223 9,314,861 1,529,417 6,145,991 974,150 665,303 427,363 

July........................ 9,755,796 9,357,568 1,490,449 6,199,125 986,819 681,176 398,227 

Aug........................ 10,024,253 9,501,649 1,491,239 6,313,529 1,003,417 693,464 522,604 

Sept....................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731 

Oct......................... 10,256,015 9,726,339 1,480,662 6,501,319 1,029,426 714,932 529,676 

Nov........................ 10,389,958 9,858,380 1,511,028 6,573,057 1,046,715 727,579 531,578 

Dec........................ 10,447,663 9,916,999 1,519,462 6,598,894 1,060,111 738,532 530,664 

2012 - Jan ......................... 10,572,374 10,048,852 1,524,149 6,705,364 1,073,883 745,457 523,522 

Feb ........................ 10,722,996 10,201,737 1,608,738 6,748,203 1,091,968 752,828 521,259 

Mar ........................ 10,846,825 10,317,628 1,672,607 6,770,349 1,105,890 768,782 529,197 

Apr......................... 10,916,071 10,379,016 1,611,353 6,877,080 1,121,252 769,330 537,055 

May ....................... 11,006,251 10,464,912 1,603,257 6,935,159 1,138,297 788,199 541,340 

June ...................... 11,044,185 10,502,007 1,594,427 6,957,009 1,152,800 797,772 542,177 
FEDERAL DEBT 

September 2012

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2007 ..................... 1,968,262 3,182 39,248 12,205 9,752 979 596 74,923 555,118 

2008 ..................... 2,150,651 3,320 59,090 12,811 9,272 1,605 624 72,432 614,991 

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808 

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426 

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991 

 

2011 - June .......... 2,498,211 3,374 80,356 22,050 7,803 592 484 21,126 742,747 

July........... 2,498,080 3,374 79,248 21,436 7,724 392 518 16,686 727,495 

Aug........... 2,492,618 3,374 77,638 19,541 7,644 392 457 17,858 862,234 

Sept.......... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991 

Oct............ 2,489,493 3,378 78,529 15,616 7,473 392 554 12,658 942,338 

Nov........... 2,482,482 3,377 78,013 14,782 7,398 392 398 14,226 942,478 

Dec........... 2,524,898 3,377 80,268 13,856 7,503 592 392 15,634 939,110 

2012 - Jan ............ 2,536,952 3,377 81,459 14,385 7,415 1,057 456 11,999 939,714 

Feb ........... 2,531,745 3,422 81,498 15,915 7,327 1,057 484 13,708 935,511 

Mar ........... 2,533,599 3,422 73,928 15,700 7,237 1,057 484 11,155 930,382 

Apr............ 2,551,077 3,422 78,901 15,820 7,152 1,057 441 11,275 934,592 

May .......... 2,546,280 3,422 75,717 16,259 7,066 1,057 447 20,813 936,623 

June ......... 2,598,606 3,422 68,407 13,256 7,164 1,057 468 18,199 934,182 

 

Note.—Detail may not add to totals due to rounding. 

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194 

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160 

 

2011 - June ....... 4,620,377 7,604 37,161 39,077 22,750 171,004 696,628 267,165 2,245 

July........ 4,588,205 8,224 36,177 39,126 22,750 168,149 696,584 259,358 2,884 

Aug........ 4,791,292 8,801 36,101 39,584 22,725 164,436 784,010 250,349 3,530 

Sept....... 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160 

Oct......... 4,872,195 9,450 34,043 39,741 22,721 158,013 807,560 245,501 4,735 

Nov........ 4,857,215 9,544 35,151 40,138 22,699 154,618 804,043 242,409 5,067 

Dec........ 4,913,919 9,823 32,324 40,163 22,699 153,996 819,581 244,310 5,393 

2012 - Jan ......... 4,922,040 9,074 32,977 40,227 22,699 152,610 815,428 246,459 5,752 

Feb ........ 4,902,079 9,434 32,006 40,533 22,690 148,965 811,419 240,155 6,210 

Mar ........ 4,870,770 9,259 30,578 40,583 22,691 146,673 807,837 229,627 6,558 

Apr......... 4,912,450 9,380 34,342 40,609 22,692 145,412 803,751 245,447 7,080 

May ....... 4,901,692 9,533 33,617 40,965 22,684 141,950 800,306 237,301 7,652 

June ...... 4,953,138 9,598 33,130 41,003 22,685 142,587 815,036 235,085 9,253 

 
FEDERAL DEBT 

September 2012 

25

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2007 ............................ 22,959 85 152 22,506 215 -1 

2008 ............................ 23,104 69 150 22,680 204 * 

2009 ............................ 23,203 33 144 22,834 193 * 

2010 ............................ 23,974 29 139 23,627 180 * 

2011 ............................ 24,988 29 133 24,660 166 * 

 

2011 - June ................. 24,504 31 139 24,161 173 * 

July.................. 25,520 29 140 25,178 173 * 

Aug.................. 25,514 29 141 25,178 166 * 

Sept................. 24,988 29 133 24,660 166 * 

Oct................... 24,642 29 134 24,313 166 * 

Nov.................. 25,090 29 135 24,760 166 * 

Dec.................. 25,274 29 136 24,943 166 * 

2012 - Jan ................... 24,605 29 137 24,273 166 * 

Feb .................. 24,627 29 130 24,310 158 * 

Mar .................. 24,439 29 130 24,122 158 * 

Apr................... 25,028 29 131 24,710 158 * 

May ................. 24,498 29 132 24,179 158 * 

June ................ 24,474 29 133 24,154 158 * 

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

September 2012

26 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

 10-20 

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49 

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 

 

2011 - June .................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59 

July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60 

Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60 

Sept.................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 

Oct...................... 8,074,439 2,546,549 3,164,655 1,539,649 307,001 516,584 60 

Nov ..................... 8,196,987 2,615,920 3,234,816 1,535,457 292,136 518,658 59 

Dec ..................... 8,205,749 2,641,533 3,251,453 1,505,074 289,711 517,978 59 

2012 - Jan ...................... 8,399,585 2,652,591 3,412,176 1,527,281 287,847 519,690 58 

Feb ..................... 8,551,311 2,743,327 3,479,479 1,513,140 285,554 529,809 58 

Mar ..................... 8,608,508 2,820,573 3,477,460 1,498,189 283,948 528,338 57 

Apr...................... 8,729,683 2,776,665 3,614,220 1,528,759 288,053 521,987 57 

May..................... 8,815,377 2,795,764 3,682,506 1,524,989 287,006 525,113 57 

June.................... 8,792,599 2,808,138 3,667,577 1,501,719 285,192 529,973 56 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

September 2012 

27

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 Securities 

 not subject

 to limit 

 (7) 

 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 

 

2011 - June ............................ 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124 

July ............................. 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404 

Aug ............................. 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382 

Sept............................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 

Oct.............................. 15,194,000 14,948,905 14,948,895 10 14,993,709 10 44,814 

Nov ............................. 15,194,000 15,067,516 15,067,506 10 15,110,499 10 42,993 

Dec ............................. 15,194,000 15,180,337 15,180,327 10 15,222,940 10 42,613 

2012 - Jan .............................. 16,394,000 15,313,699 15,313,689 10 15,356,140 10 42,452 

Feb ............................. 16,394,000 15,446,261 15,446,251 10 15,488,891 10 42,640 

Mar ............................. 16,394,000 15,538,685 15,538,675 10 15,582,079 10 43,404 

Apr.............................. 16,394,000 15,649,863 15,649,853 10 15,692,368 10 42,515 

May............................. 16,394,000 15,729,949 15,729,939 10 15,770,685 10 40,745 

June............................ 16,394,000 15,815,885 15,815,875 10 15,855,037 10 39,162 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

September 2012

28 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160 

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163 

 

2011 - June ........................... 1,006,839 11,113 25,682 19,599 513 1,160 

July ............................ 1,048,986 9,166 25,682 19,600 513 1,160 

Aug ............................ 945,601 9,345 24,748 19,311 515 1,163 

Sept ........................... 937,923 9,349 24,883 19,438 523 1,163 

Oct ............................. 1,031,529 14,382 25,022 19,587 528 1,163 

Nov ............................ 1,013,643 16,194 25,181 19,743 533 1,163 

Dec ............................ 1,057,133 17,886 25,376 19,891 534 1,163 

2012 - Jan ............................. 1,050,711 10,657 25,510 20,023 538 1,163 

Feb ............................ 1,059,186 10,657 25,634 20,153 540 1,163 

Mar ............................ 1,082,103 10,657 25,444 20,108 479 1,163 

Apr ............................. 1,086,064 9,354 25,579 20,122 481 1,163 

May............................ 968,791 9,336 25,865 20,301 484 1,163 

June........................... 982,523 9,130 26,736 20,678 530 1,163 

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

2009 ................................................ 234,918 2,130 4,420 5 47,107 

2010 ................................................ 373,717 2,513 4,749 21 46,809 

2011 ................................................ 546,321 2,943 6,032 58 45,257 

 

2011 - June............................ 505,409 3,218 4,749 26 43,475 

July............................. 545,977 3,218 4,749 26 42,922 

Aug............................. 542,629 3,153 4,749 39 42,717 

Sept............................ 546,321 2,943 6,032 58 45,257 

Oct ............................. 631,403 3,043 6,032 58 46,135 

Nov............................. 630,048 3,043 6,032 58 45,992 

Dec............................. 668,600 3,078 6,032 58 47,854 

2012 - Jan.............................. 675,934 3,153 6,032 58 47,472 

Feb............................. 682,103 3,208 6,032 58 47,848 

Mar............................. 695,180 3,253 6,032 58 50,293 

Apr ............................. 695,181 3,253 6,032 41 51,112 

May ............................ 696,531 3,418 6,032 40 51,503 

June ........................... 711,020 3,543 6,032 40 52,558 

 
FEDERAL DEBT 

September 2012 

29

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,323 

2010 ...................................... 7,254 3,481 11,752 374,997 

2011 ...................................... 8,279 3,484 11,190 259,006 

 

2011 - June ........................... 8,241 2,523 11,037 370,094 

July............................ 8,241 2,853 11,080 373,799 

Aug............................ 7,652 3,149 11,080 275,351 

Sept........................... 8,279 3,484 11,190 259,003 

Oct............................. 8,773 3,816 11,189 260,398 

Nov............................ 9,563 4,089 11,189 240,815 

Dec............................ 10,100 4,426 11,189 240,946 

2012 - Jan ............................. 10,581 4,765 11,190 233,635 

Feb ............................ 11,373 5,003 11,546 233,868 

Mar ............................ 11,807 5,312 11,189 241,128 

Apr............................. 11,941 5,644 7,985 248,176 

May ........................... 12,013 5,879 7,985 128,241 

June .......................... 12,220 2,404 8,205 128,264 

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
30 

September 2012 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing]

A P R I L 

Auction of 2-Year Notes 

On March 22, 2012, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$59,492 million of securities maturing March 31 and to raise 

new cash of approximately $39,508 million. 

The 2-year notes of Series AK-2014 were dated March 

31 and issued April 2. They are due March 31, 2014, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 0-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on March 27. Tenders totaled 

$129,306 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.340 percent with an 

equivalent price of $99.821248. Treasury accepted in full all 

competitive tenders at yields lower than 0.340 percent. 

Tenders at the high yield were allotted 42.80 percent. The 

median yield was 0.324 percent, and the low yield was 0.279 

percent. Noncompetitive tenders totaled $188 million. 

Competitive tenders accepted from private investors totaled 

$34,812 million. Accrued interest of $0.01366 per $1,000 

must be paid for the period from March 31 to April 2. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $831 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AK-2014 is $100. 

Auction of 5-Year Notes 

On March 22, 2012, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$59,492 million of securities maturing March 31 and to raise 

new cash of approximately $39,508 million. 

The 5-year notes of Series W-2017 were dated March 31 

and issued April 2. They are due March 31, 2017, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 1 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 28. Tenders totaled $99,880 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.040 percent with an 

equivalent price of $99.805782. Treasury accepted in full all 

competitive tenders at yields lower than 1.040 percent. 

Tenders at the high yield were allotted 13.62 percent. The 

median yield was 0.990 percent, and the low yield was 0.930 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled 

$34,971 million. Accrued interest of $0.05464 per $1,000 

must be paid for the period from March 31 to April 2. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2012 

31

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $831 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2017 is $100. 

Auction of 7-Year Notes 

On March 22, 2012, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$59,492 million of securities maturing March 31 and to raise 

new cash of approximately $39,508 million. 

The 7-year notes of Series J-2019 were dated March 31 

and issued April 2. They are due March 31, 2019, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 1-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 29. Tenders totaled $78,846 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.590 percent with an 

equivalent price of $99.406396. Treasury accepted in full all 

competitive tenders at yields lower than 1.590 percent. 

Tenders at the high yield were allotted 22.14 percent. The 

median yield was 1.529 percent, and the low yield was 1.467 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$28,987 million. Accrued interest of $0.08197 per $1,000 

must be paid for the period from March 31 to April 2. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $688 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2019 is $100. 

52-Week Bills 

On March 29, 2012, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

April 5, and will mature April 4, 2013. The issue was to 

refund $120,002 million of all maturing bills and pay down 

approximately $4,002 million. Treasury auctioned the bills on 

April 3. Tenders totaled $112,089 million; Treasury accepted 

$26,000 million. That included $142 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.185 percent. 

Auction of 3-Year Notes 

On April 5, 2012, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$42,891 million of securities maturing April 15 and to raise 

new cash of approximately $23,109 million. 

The 3-year notes of Series Y-2015 were dated April 15 

and issued April 16. They are due April 15, 2015, with interest 

payable on October 15 and April 15 until maturity. Treasury 

set an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 10. Tenders totaled $107,481 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.427 percent with the 

equivalent price of $99.845296. Treasury accepted in full all 

competitive tenders at yields lower than 0.427 percent. 

Tenders at the high yield were allotted 66.02 percent. The 

median yield was 0.403 percent, and the low yield was 0.330 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$31,960 million. Accrued interest of $0.01025 per $1,000 

must be paid for the period from April 15 to April 16. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $5,823 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Y-2015 is $100. 

Auction of 9-Year 10-Month 2 Percent Notes 

On April 5, 2012, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2 percent notes. The issue 

was to refund $42,891 million of securities maturing April 15 

and to raise new cash of approximately $23,109 million. 

The 9-year 10-month notes of Series B-2022 were dated 

February 15 and issued April 16. They are due February 15, 

2022, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 12:00 a.m. 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 11. Tenders totaled $64,708 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.043 percent with an 

equivalent price of $99.616439. Treasury accepted in full all 

competitive tenders at yields lower than 2.043 percent. 

Tenders at the high yield were allotted 75.67 percent. The 

median yield was 1.979 percent, and the low yield was 1.800 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$20,991 million. Accrued interest of $3.35165 per $1,000 

must be paid for the period from February 15 to April 16. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $3,821 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2022 is $100. 

 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2012 

32 

Auction of 29-Year 10-Month 3-1/8 Percent Bond 

On April 5, 2012, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3-1/8 percent bonds. 

The issue was to refund $42,891 million of securities 

maturing April 15 and to raise new cash of approximately 

$23,109 million. 

The 29-year 10-month bonds of February 2042 were 

dated February 15 and issued April 16. They are due February 

15, 2042, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the bonds before 12:00 a.m. 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 12. Tenders totaled $35,885 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.230 percent with an 

equivalent price of $97.993453. Treasury accepted in full all 

competitive tenders at yields lower than 3.230 percent. 

Tenders at the high yield were allotted 23.17 percent. The 

median yield was 3.171 percent, and the low yield was 3.100 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$12,995 million. Accrued interest of $5.23695 per $1,000 

must be paid for the period from February 15 to April 16. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,365 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2042 is $100. 

Auction of 5-Year Treasury Inflation-Protected 

Securities (TIPS) 

On April 12, 2012, Treasury announced it would auction 

$16,000 million of 5-year TIPS. The issue was to refund 

$42,891 million of securities maturing April 15 and to raise 

new cash of approximately $23,109 million. 

The 5-year TIPS of Series X-2017 were dated April 15 

and issued April 30. They are due April 15, 2017, with interest 

payable on October 15 and April 15 until maturity. Treasury 

set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 19. Tenders totaled $41,270 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -1.080 percent with an 

equivalent adjusted price of $106.389051. Treasury accepted 

in full all competitive tenders at yields lower than -1.080 

percent. Tenders at the high yield were allotted 41.56 percent. 

The median yield was -1.160 percent, and the low yield was 

-1.250 percent. Noncompetitive tenders totaled $116 million. 

Competitive tenders accepted from private investors totaled 

$15,884 million. Adjusted accrued interest of $0.05134 per 

$1,000 must be paid for the period from April 15 to April 30. 

Both the unadjusted price of $106.155509 and the unadjusted 

accrued interest of $0.05123 were adjusted by an index ratio 

of 1.00220, for the period from April 15 to April 30. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $430 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series X-2017 is $100. 

Auction of 2-Year Notes 

On April 19, 2012, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $58,298 million of securities maturing April 30 and 

to raise new cash of approximately $56,702 million. 

The 2-year notes of Series AL-2014 were dated and 

issued April 30. They are due April 30, 2014, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 0-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on April 24. Tenders totaled 

$131,588 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.270 percent with an 

equivalent price of $99.960135. Treasury accepted in full all 

competitive tenders at yields lower than 0.270 percent. 

Tenders at the high yield were allotted 99.89 percent. The 

median yield was 0.250 percent, and the low yield was 0.207 

percent. Noncompetitive tenders totaled $163 million. 

Competitive tenders accepted from private investors totaled 

$34,837 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $940 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AL-2014 is $100. 

Auction of 5-Year Notes 

On April 19, 2012, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$58,298 million of securities maturing April 30 and to raise 

new cash of approximately $56,702 million. 

The 5-year notes of Series Y-2017 were dated and issued 

April 30. They are due April 30, 2017, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on April 25. Tenders totaled $108,192 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.887 percent with an 
PUBLIC DEBT OPERATIONS 

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33

equivalent price of $99.941438. Treasury accepted in full all 

competitive tenders at yields lower than 0.887 percent. 

Tenders at the high yield were allotted 11.97 percent. The 

median yield was 0.845 percent, and the low yield was 0.792 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors totaled 

$34,978 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $940 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Y-2017 is $100. 

Auction of 7-Year Notes 

On April 19, 2012, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$58,298 million of securities maturing April 30 and to raise 

new cash of approximately $56,702 million. 

The 7-year notes of Series K-2019 were dated and issued 

April 30. They are due April 30, 2019, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 1-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 26. Tenders totaled $82,145 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.347 percent with an 

equivalent price of $99.354100. Treasury accepted in full all 

competitive tenders at yields lower than 1.347 percent. 

Tenders at the high yield were allotted 64.06 percent. The 

median yield was 1.307 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$28,963 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $779 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2019 is $100. 

M A Y 

52-Week Bills 

On April 26, 2012, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

May 3, and will mature May 2, 2013. The issue was to refund 

$111,998 million of all maturing bills and raise new cash of 

approximately $2,002 million. Treasury auctioned the bills on 

May 1. Tenders totaled $118,645 million; Treasury accepted 

$26,000 million. That included $112 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.185 percent. 

May Quarterly Financing 

On May 2, 2012, Treasury announced it would auction 

$32,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $36,690 

million of securities maturing on May 15 and to raise new 

cash of approximately $35,310 million. 

The 3-year notes of Series Z-2015 were dated and issued 

May 15. They are due May 15, 2015, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 0-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 8. Tenders totaled $116,862 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.362 percent with an 

equivalent price of $99.666118. Treasury accepted in full all 

competitive tenders at yields lower than 0.362 percent. 

Tenders at the high yield were allotted 66.17 percent. The 

median yield was 0.340 percent, and the low yield was 0.272 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$31,965 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,002 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2015 is $100. 

The 10-year notes of Series C-2022 were dated and 

issued May 15. They are due May 15, 2022, with interest 

payable on November 15 and May 15 until maturity. Treasury 

set an interest rate of 1-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 9. Tenders totaled $69,515 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.855 percent with an 

equivalent price of $99.045657. Treasury accepted in full all 

competitive tenders at yields lower than 1.855 percent. 

Tenders at the high yield were allotted 20.18 percent. The 

median yield was 1.810 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $23 million. 

Competitive tenders accepted from private investors totaled 

$23,977 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,501 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2022 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2012 

34 

The 30-year bonds were dated and issued May 15. They 

are due May 15, 2042, with interest payable on November 15 

and May 15 until maturity. Treasury set an interest rate of 3 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on May 10. Tenders totaled $43,653 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.090 percent with an 

equivalent price of $98.248216. Treasury accepted in full all 

competitive tenders at yields lower than 3.090 percent. 

Tenders at the high yield were allotted 63.81 percent. The 

median yield was 3.060 percent, and the low yield was 2.970 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$15,981 million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,001 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2042 is $100. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On May 10, 2012, Treasury announced it would auction 

$13,000 million of 9-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $59,149 million of securities maturing 

May 31 and to raise new cash of approximately $52,851 

million. 

The 9-year 8-month TIPS of Series A-2022 were dated 

January 15 and issued May 31. They are due January 15, 

2022, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 17. Tenders totaled $39,154 

million; Treasury accepted $13,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of -0.391 percent with an equivalent adjusted 

price of $106.458589. Treasury accepted in full all competitive 

tenders at yields lower than -0.391 percent. Tenders at the high 

yield were allotted 86.03 percent. The median yield was -0.420 

percent, and the low yield was -0.455 percent. Noncompetitive 

tenders totaled $23 million. Competitive tenders accepted from 

private investors totaled $12,977 million. Adjusted accrued 

interest of $0.47671 per $1,000 must be paid for the period 

from January 15 to May 31. Both the unadjusted price of 

$105.065422 and the unadjusted accrued interest of $0.47047 

were adjusted by an index ratio of 1.01326, for the period from 

January 15 to May 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $174 thousand from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2022 is $100. 

Auction of 2-Year Notes 

On May 17, 2012, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$59,149 million of securities maturing May 31 and to raise 

new cash of approximately $52,851 million. 

The 2-year notes of Series AM-2014 were dated and 

issued May 31. They are due May 31, 2014, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 0-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 22. Tenders totaled $138,280 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.300 percent with an 

equivalent price of $99.900374. Treasury accepted in full all 

competitive tenders at yields lower than 0.300 percent. 

Tenders at the high yield were allotted 24.43 percent. The 

median yield was 0.286 percent, and the low yield was 0.227 

percent. Noncompetitive tenders totaled $185 million. 

Competitive tenders accepted from private investors totaled 

$34,815 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $469 thousand from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AM-2014 is $100. 

Auction of 5-Year Notes 

On May 17, 2012, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$59,149 million of securities maturing May 31 and to raise 

new cash of approximately $52,851 million. 

The 5-year notes of Series Z-2017 were dated and issued 

May 31. They are due May 31, 2017, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 0-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 23. Tenders totaled $104,684 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.748 percent with an 

equivalent price of $99.397464. Treasury accepted in full all 

competitive tenders at yields lower than 0.748 percent. 

Tenders at the high yield were allotted 95.77 percent. The 

median yield was 0.700 percent, and the low yield was 0.650 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$34,926 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $469 thousand from 
PUBLIC DEBT OPERATIONS 

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September 2012 

35

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2017 is $100. 

Auction of 7-Year Notes 

On May 17, 2012, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$59,149 million of securities maturing May 31 and to raise 

new cash of approximately $52,851 million. 

The 7-year notes of Series L-2019 were dated and issued 

May 31. They are due May 31, 2019, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 24. Tenders totaled $81,182 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.203 percent with an 

equivalent price of $99.477861. Treasury accepted in full all 

competitive tenders at yields lower than 1.203 percent. 

Tenders at the high yield were allotted 91.24 percent. The 

median yield was 1.159 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$28,966 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $389 thousand from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2019 is $100. 

52-Week Bills 

On May 24, 2012, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

May 31, and will mature May 30, 2013. The issue was to 

refund $113,999 million of all maturing bills and to pay down 

approximately $1,999 million. Treasury auctioned the bills on 

May 30. Tenders totaled $126,740 million; Treasury accepted 

$25,001 million. That included $156 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.185 percent. 

J U N E 

Auction of 3-Year Notes 

On June 7, 2012, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$30,710 million of securities maturing June 15 and to raise 

new cash of approximately $35,290 million. 

The 3-year notes of Series AA-2015 were dated and 

issued June 15. They are due June 15, 2015, with interest 

payable on December 15 and June 15 until maturity. Treasury 

set an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 12. Tenders totaled $113,056 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.387 percent with the 

equivalent price of $99.964243. Treasury accepted in full all 

competitive tenders at yields lower than 0.387 percent. 

Tenders at the high yield were allotted 52.25 percent. The 

median yield was 0.374 percent, and the low yield was 0.295 

percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$31,973 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,259 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2015 is $100. 

Auction of 9-Year 11-Month 1-3/4 Percent Notes 

On June 7, 2012, Treasury announced it would auction 

$21,000 million of 9-year 11-month 1-3/4 percent notes. The 

issue was to refund $30,710 million of securities maturing 

June 15 and to raise new cash of approximately $35,290 

million. 

The 9-year 11-month notes of Series C-2022 were dated 

May 15 and issued June 15. They are due May 15, 2022, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 13. Tenders totaled $64,275 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.622 percent with an 

equivalent price of $101.167093. Treasury accepted in full all 

competitive tenders at yields lower than 1.622 percent. 

Tenders at the high yield were allotted 33.76 percent. The 

median yield was 1.598 percent, and the low yield was 1.530 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$20,989 million. Accrued interest of $1.47418 per $1,000 

must be paid for the period from May 15 to June 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,483 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2022 is $100. 

Auction of 29-Year 11-Month 3 Percent Bonds 

On June 7, 2012, Treasury announced that it would 

auction $13,000 million of 29-year 11-month 3 percent bonds. 

The issue was to refund $30,710 million of securities 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2012 

36 

maturing June 15 and to raise new cash of approximately 

$35,290 million. 

The 29-year 11-month bonds of May 2042 were dated 

May 15 and issued June 15. They are due May 15, 2042, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on June 14. Tenders totaled $31,164 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.720 percent with an 

equivalent price of $105.703794. Treasury accepted in full all 

competitive tenders at yields lower than 2.720 percent. 

Tenders at the high yield were allotted 32.38 percent. The 

median yield was 2.679 percent, and the low yield was 2.618 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$12,991 million. Accrued interest of $2.52717 per $1,000 

must be paid for the period from May 15 to June 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $918 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2042 is $100. 

52-Week Bills 

On June 21, 2012, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

June 28, and will mature June 27, 2013. The issue was to 

refund $112,002 million of all maturing bills and to pay down 

approximately $2 million. Treasury auctioned the bills on 

June 26. Tenders totaled $103,735 million; Treasury accepted 

$25,000 million. That included $142 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.205 percent. 

Auction of 29-Year 8-Month 0-3/4 Percent TIPS 

On June 14, 2012, Treasury announced it would auction 

$7,000 million of 29-year 8-month 0-3/4 percent TIPS. The 

issue was to raise new cash of approximately $7,000 million. 

The 29-year 8-month TIPS of February 2042 were dated 

February 15 and issued June 29. They are due February 15, 

2042, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 21. Tenders totaled $18,510 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.520 percent with an 

equivalent adjusted price of $108. 226791. Treasury accepted 

in full all competitive tenders at yields lower than 0.520 

percent. Tenders at the high yield were allotted 64.01 percent. 

The median yield was 0.443 percent, and the low yield was 

0.390 percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$6,990 million. Adjusted accrued interest of $2.83180 per 

$1,000 must be paid for the period from February 15 to June 

29. Both the unadjusted price of $106.307933 and the 

unadjusted accrued interest of $2.78159 were adjusted by an 

index ratio of 1.01805, for the period from February 15 to 

June 29. The minimum par amount required for STRIPS of 

TIPS of February 2042 is $100. 
PUBLIC DEBT OPERATIONS 

September 2012 

37

TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2012 - Apr. 05 .................. 2012 - May 03 28 148,505.0 35,938.4 29,720.4 280.0 99.995722 0.055 0.056

 July 05 91 141,564.2 31,000.4 29,979.4 764.3 99.981042 0.075 0.076

 Oct. 04 182 132,786.9 29,000.6 28,158.7 641.9 99.929222 0.140 0.142

Apr. 12................. May 10 28 145,103.3 33,782.2 29,780.3 220.3 99.993778 0.080 0.081

 July 12 91 130,061.6 31,000.1 30,184.7 665.5 99.978514 0.085 0.086

 Oct. 11 182 126,648.4 29,000.6 27,829.1 646.6 99.924167 0.150 0.152

Apr. 19................. May 17 28 152,779.2 36,286.2 29,755.3 245.8 99.994944 0.065 0.066

 July 19 91 135,077.9 30,001.0 29,148.7 745.3 99.979778 0.080 0.081

 Oct. 18 182 124,421.4 28,000.1 26,662.0 713.1 99.931750 0.135 0.137

Apr. 26................. May 24 28 135,703.4 32,418.5 29,506.9 226.4 99.994167 0.075 0.076

 July 26 91 141,747.3 30,000.3 28,254.4 796.7 99.979778 0.080 0.081

 Oct. 25 182 125,410.6 28,000.9 26,436.0 598.4 99.934278 0.130 0.132

May 03................. May 31 28 152,256.6 35,938.3 29,683.8 266.5 99.993778 0.080 0.081

 Aug. 02 91 137,867.6 30,000.1 28,978.1 722.0 99.975986 0.095 0.096

 Nov. 01 182 133,037.3 28,000.3 27,037.6 562.8 99.926694 0.145 0.147

May 10................. June 07 28 155,169.7 33,782.1 29,749.5 201.0 99.994167 0.075 0.076

 Aug. 09 91 136,729.5 30,000.6 28,942.5 758.1 99.977250 0.090 0.091

 Nov. 08 182 129,555.2 28,000.7 26,832.7 618.0 99.926694 0.145 0.147

May 17................. June 14 28 145,281.1 36,285.5 29,756.0 244.4 99.994167 0.075 0.076

 Aug. 16 91 139,781.8 30,000.3 28,939.3 761.0 99.975986 0.095 0.096

 Nov. 15 182 139,538.9 27,000.2 25,962.4 637.8 99.926694 0.145 0.147

May 24................. June 21 28 151,011.3 32,418.8 29,721.7 229.1 99.994944 0.065 0.066

 Aug. 23 91 138,347.2 30,000.2 29,194.3 705.9 99.978514 0.085 0.086

 Nov. 23 183 134,265.3 27,000.2 25,999.8 600.5 99.928833 0.140 0.142

May 31................. June 28 28 148,951.0 35,938.8 29,726.5 274.3 99.995333 0.060 0.061

 Aug. 30 91 135,543.4 30,000.5 28,605.2 731.3 99.978514 0.085 0.086

 Nov. 29 182 123,620.4 27,000.1 25,434.2 616.0 99.929222 0.140 0.142

June 07................ July 05 28 147,627.6 33,781.7 29,715.3 284.9 99.996889 0.040 0.041

 Sept. 06 91 135,837.1 30,000.4 28,966.1 752.1 99.981042 0.075 0.076

 Dec. 06 182 127,827.7 27,000.8 25,917.0 648.8 99.934278 0.130 0.132

June 14................ July 12 28 142,208.2 36,285.8 29,714.9 285.8 99.995722 0.055 0.056

 Sept. 13 91 143,829.9 30,000.2 29,214.8 785.4 99.978514 0.085 0.086

 Dec. 13 182 139,945.5 27,000.8 26,068.2 632.6 99.929222 0.140 0.142

June 21................ July 19 28 138,715.9 32,418.9 29,741.1 259.7 99.996111 0.050 0.051

 Sept. 20 91 132,948.3 30,000.8 29,092.1 758.7 99.975986 0.095 0.096

 Dec. 20 182 121,429.1 27,000.7 26,280.3 620.4 99.924167 0.150 0.152

June 28................ July 26 28 138,935.5 35,938.8 29,439.6 268.5 99.995333 0.060 0.061

 Sept. 27 91 134,935.3 30,000.2 28,496.0 812.3 99.975986 0.095 0.096

 Dec. 27 182 128,264.9 27,000.0 25,498.0 596.3 99.924167 0.150 0.152

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 2012 

38 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

03/27/12 04/02/12 0.250% note─03/31/14-AK 2y 130,136 35,831 0.340 - 99.821248

03/28/12 04/02/12 1.000% note─03/31/17-W 5y 100,711 35,831 1.040 - 99.805782

03/29/12 04/02/12 1.500% note─03/31/19-J 7y 79,534 29,688 1.590 - 99.406396

04/03/12 04/05/12 0.185% bill─04/04/13 364d 112,089 26,000 

04/10/12 04/16/12 0.375% note─04/15/15-Y 3y 113,304 37,823 0.427 - 99.845296

04/11/12 04/16/12 2.000% note─02/15/22-B 9y 10m 68,529 24,821 2.043 - 99.616439

04/12/12 04/16/12 3.125% bond─02/15/42 29y 10m 38,250 15,365 3.230 - 97.993453

04/19/12 04/30/12 0.125% TIPS─04/15/17-X 5y 41,700 16,430 -1.080 - 106.389051

04/24/12 04/30/12 0.250% note─04/30/14-AL 2y 132,529 35,940 0.270 - 99.960135

04/25/12 04/30/12 0.875% note─04/30/17-Y 5y 109,132 35,940 0.887 - 99.941438

04/26/12 04/30/12 1.250% note─04/30/19-K 7y 82,925 29,779 1.347 - 99.354100

05/01/12 05/03/12 0.185% bill─05/02/13 364d 118,645 26,000 

05/08/12 05/15/12 0.250% note─05/15/15-Z 3y 118,864 34,002 0.362 - 99.666118

05/09/12 05/15/12 1.750% note─05/15/22-C 10y 71,017 25,502 1.855 - 99.045657

05/10/12 05/15/12 3.000% bond─05/15/42 30y 44,654 17,001 3.090 - 98.248216

05/17/12 05/31/12 0.125% TIPS─01/15/22-A 9y 8m 39,154 13,000 -0.391 - 106.458589

05/22/12 05/31/12 0.250% note─05/31/14-AM 2y 138,281 35,001 0.300 - 99.900374

05/23/12 05/31/12 0.625% note─05/31/17-Z 5y 104,684 35,000 0.748 - 99.397464

05/24/12 05/31/12 1.125% note─05/31/19-L 7y 81,182 29,000 1.203 - 99.477861

05/30/12 05/31/12 0.185% bill─05/30/13 364d 126,740 25,001 

06/12/12 06/15/12 0.375% note─06/15/15-AA 3y 115,315 34,260 0.387 - 99.964243

06/13/12 06/15/12 1.750% note─05/15/22-C 9y 11m 65,757 22,483 1.622 - 101.167093

06/14/12 06/15/12 3.000% bond─05/15/42 29y 11m 32,082 13,918 2.720 - 105.703794

06/21/12 06/29/12 0.750% TIPS─02/15/42 29y 8m 18,510 7,000 0.520 - 108.226791

06/26/12 06/28/12 0.205% bill─06/27/13 364d 103,735 25,000 

 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
September 2012 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

September 2012 

40 

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Financial Management Service] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

 

2011 - June ..................................... 14,367,591 14,343,087 4,596,214 - 4,596,214 1,702,065

July ...................................... 14,367,889 14,342,369 4,581,748 - 4,581,748 1,719,555

Aug ...................................... 14,709,806 14,684,292 4,655,154 - 4,655,154 1,732,525

Sept..................................... 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

Oct....................................... 15,018,350 14,993,709 4,732,703 - 4,732,703 1,740,637

Nov ...................................... 15,135,588 15,110,499 4,715,598 - 4,715,598 1,739,914

Dec ...................................... 15,248,213 15,222,940 4,770,443 - 4,770,443 1,741,045

2012 - Jan ....................................... 15,380,745 15,356,140 4,778,855 - 4,778,855 1,738,133

Feb ...................................... 15,513,518 15,488,891 4,760,759 - 4,760,759 1,740,812

Mar ...................................... 15,606,518 15,582,079 4,730,124 - 4,730,124 1,744,108

Apr....................................... 15,717,395 15,692,367 4,771,128 - 4,771,128 1,750,319

May...................................... 15,795,183 15,770,684 4,759,124 - 4,759,124 1,752,572

June..................................... 15,879,511 15,855,037 4,806,826 - 4,806,826 1,754,570

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,953 6

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 .................................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

 

2011 - June ......................................................... 8,044,808 7,632,583 412,225 24,504 24,498 6

July .......................................................... 8,041,066 7,658,075 382,991 25,520 25,514 6

Aug .......................................................... 8,296,613 7,789,280 507,334 25,514 25,508 6

Sept......................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

Oct........................................................... 8,520,369 8,005,895 514,474 24,642 24,636 6

Nov .......................................................... 8,654,987 8,138,402 516,584 25,090 25,084 6

Dec .......................................................... 8,711,452 8,195,837 515,615 25,274 25,268 6

2012 - Jan ........................................................... 8,839,152 8,330,777 508,376 24,605 24,599 6

Feb .......................................................... 8,987,320 8,481,485 505,835 24,627 24,621 6

Mar .......................................................... 9,107,847 8,594,178 513,669 24,439 24,433 6

Apr........................................................... 9,170,921 8,649,758 521,163 25,028 25,022 6

May.......................................................... 9,258,989 8,733,600 525,389 24,499 24,493 6

June......................................................... 9,293,641 8,766,085 527,557 24,474 24,468 6

 

 1

 Agency securities have been revised to show separate amounts for securities held 

by private investors and those held by government accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

September 2012 

41

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4

2003 - Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5

 Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4

2005 - Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 463.7 1,929.6 348.2

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 475.0 2,033.9 347.0

2006 - Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 473.3 2,082.1 450.9

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 192.1 150.9 196.1 244.2 484.2 1,977.8 460.9

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.9 154.7 196.8 235.7 484.9 2,025.3 457.5

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 156.2 197.9 250.7 506.8 2,103.1 382.7

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.7 158.3 185.4 264.5 546.2 2,194.8 382.0

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 569.3 2,192.0 253.7

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 526.8 2,235.3 343.7

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 525.1 2,353.2 287.2

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 270.5 142.0 152.1 484.4 524.9 2,506.3 342.2

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 513.4 2,587.4 342.5

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.5 143.9 163.4 656.1 493.9 2,802.4 455.5

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.2 146.4 171.4 768.8 475.1 3,077.2 658.3

2009 - Mar......... 11,126.9 4,785.2 6,341.7 125.6 194.0 330.9 150.2 191.0 715.9 508.0 3,265.7 860.4

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 353.4 159.9 200.0 695.6 504.7 3,460.8 809.7

 Sept........ 11,909.8 5,127.1 6,782.7 198.1 192.5 398.1 167.3 210.2 644.9 492.3 3,570.6 908.7

 Dec......... 12,311.3 5,276.9 7,034.4 202.4 191.3 429.8 174.5 222.0 666.2 493.9 3,685.1 969.2

2010 - Mar......... 12,773.1 5,259.8 7,513.3 269.4 190.2 462.2 179.1 225.7 646.4 499.9 3,877.9 1,162.5

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 484.7 182.0 231.8 632.0 504.8 4,070.0 1,295.7

 Sept........ 13,561.6 5,350.5 8,211.1 322.9 188.7 501.4 185.5 240.6 607.4 498.1 4,324.2 1,342.3

 Dec......... 14,025.2 5,656.2 8,368.9 319.1 187.9 520.2 185.6 248.4 637.9 503.6 4,435.6 1,330.7

2011 - Mar......... 14,270.0 5,958.9 8,311.1 321.2 186.7 531.9 187.9 247.1 640.9 490.5 4,481.4 1,223.6

 June ....... 14,343.1 6,220.4 8,122.7 279.3 186.0 541.9 186.9 246.4 653.0 473.0 4,690.6 865.4

 Sept........ 14,790.3 6,328.0 8,462.4 293.7 185.1 568.5 189.0 250.8 707.4 454.5 4,904.9 908.5

 Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 583.4 188.9 256.2 800.8 444.6 4,996.6 1,047.8

2012 - Mar......... 15,582.3 6,397.2 9,185.1 307.2 184.8 595.9 188.6 254.1 854.0 436.0 5,135.0 1,229.5

 June ....... 15,855.5 6,475.8 9,379.7 n.a. 184.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes U.S. chartered depository institutions, foreign banking offices in the U.S., 

banks in U.S. affiliated areas, credit unions and bank holding companies. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx#ussecs 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2012 

42 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2012 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,303,063,601,039 $1,259,029,083,096 $1,258,546,680,429 $240,447,466 $241,955,201

Less amounts held by: 

The Treasury....................................... 135,425,497 36,965,760 36,760,123 7,505 198,132

FRBs ................................................... 191,027,554,329 188,894,809,284 188,894,807,133 - 2,151

Amounts in circulation............................. $1,111,900,621,213 $1,070,097,308,052 $1,069,615,113,173 $240,439,961 $241,754,918

Coins 2

Total 

(1) 

Dollars 2, 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $44,034,517,943 $6,411,347,008 $37,623,170,935 

Less amounts held by: 

The Treasury....................................... 98,459,737 60,667,578 37,792,159

FRBs ................................................... 2,132,745,045 1,427,341,754 705,403,291 

Amounts in circulation............................. $41,803,313,161 $4,923,337,676 $36,879,975,485 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2012 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2012 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $10,021,909,418 $9,880,157,298 $143,503 $141,608,617

$2 ................................................................................ 1,916,156,274 1,784,204,480 131,939,218 12,576

$5 ................................................................................ 11,647,015,220 11,513,229,005 108,336,010 25,450,205

$10 .............................................................................. 16,742,814,360 16,722,252,430 6,300 20,555,630

$20 .............................................................................. 140,112,775,380 140,092,669,560 3,840 20,101,980

$50 .............................................................................. 69,188,001,000 69,176,506,100 500 11,494,400

$100 ............................................................................ 820,155,828,300 820,133,848,800 - 4 21,979,500

$500 ............................................................................ 142,118,500 141,923,500 5,500 189,500

$1,000 ......................................................................... 165,464,000 165,252,000 5,000 207,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,070,097,308,052 $1,069,615,113,173 $240,439,961 $241,754,918 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

June 30, 2012 ...................................................................................... 1,111,901 3,540

May 31, 2012 ....................................................................................... 1,109,786 3,536

Apr. 30, 2012........................................................................................ 1,100,659 3,509

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30,1970 ....................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents current FRB adjustment. 

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
September 2012 

47

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

 Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

 Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

 Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5, 6

(5) 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492

 

2011 - July.......................................................................... 149,704 11,041 57,182 54,635 26,845 

Aug ......................................................................... 150,654 11,041 57,583 54,933 27,096 

Sept........................................................................ 148,487 11,041 55,875 52,766 28,804 

Oct.......................................................................... 150,695 11,041 56,744 53,583 29,327 

Nov ......................................................................... 148,028 11,041 55,538 52,684 28,765 

Dec ......................................................................... 147,953 11,041 54,955 51,878 30,080 

2012 - Jan .......................................................................... 149,280 11,041 55,521 52,279 30,438 

Feb ......................................................................... 148,882 11,041 55,709 51,532 30,600 

Mar ......................................................................... 149,078 11,041 55,460 51,141 31,436 

Apr.......................................................................... 152,463 11,041 55,512 51,675 34,234 

May......................................................................... 148,865 11,041 54,079 50,295 33,449 

June........................................................................ 149,830 11,041 54,341 50,519 33,930 

July ......................................................................... 149,384 11,041 54,011 50,293 34,039 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for 

valuing the special drawing right (SDR) based on a weighted average of exchange rates for 

the currencies of selected member countries. The U.S. SDR holdings and reserve position 

in the IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate 

against all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly 

Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency 

dominated assets are shown not at market value but rather at amortized cost revalued at 

current foreign currency market exchange rates in order to report these assets in U.S. 

dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of 

end-July 2012, swaps outstanding were $31.02 billion with the European Central Bank. 5

 The United States has the right to purchase foreign currencies equivalent to its reserve 

position in the IMF automatically if needed. Under appropriate conditions, the United States 

could purchase additional amounts related to the U.S. quota. 

6

 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to 

Borrow. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2012 

48 

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 Official institutions 1 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Liabilities to other foreigners

Total 

(8) 

Liabilities

reported 

by banks

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

2000 ............................ 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926

2001............................. 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612

2002 - June 8 ............... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263

Series Break................ 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690

2002............................. 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692

2003 - June 8 ............... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864

Series Break................ 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677

2003............................. 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081

2004 - June 8 .............. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631

Series Break................ 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324

2004 ............................ 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178

2005 - June 8 ............... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502

Series Break................ 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905

2005 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8 ............... 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series Break................ 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................ 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8 .............. 8,667,907 3,752,827 630,061 2,232,904 1,354 888,509 2,661,737 2,200,406 1,187,414 1,012,992 52,937

Series Break................ 8,664,958 4,065,513 630,061 2,615,683 1,354 818,416 2,661,737 1,870,438 1,187,414 683,024 67,270

2010 ............................ 9,089,635 4,140,756 640,802 2,725,592 1,409 772,953 2,774,797 2,112,366 1,175,392 936,974 61,716

2011 - June 8 ............... 9,502,759 4,219,270 600,312 2,829,418 1,466 788,075 2,938,948 2,261,176 1,247,491 1,013,685 83,365

Series Break................ 9,610,103 4,442,272 600,312 3,101,991 1,466 738,503 2,938,948 2,130,418 1,247,491 882,927 98,465

 

2011 - July r ................ 9,486,714 4,437,858 580,741 3,116,157 1,476 739,484 2,840,324 2,113,702 1,229,781 883,921 94,830

Aug. r............... 9,825,816 4,475,174 626,629 3,106,478 1,486 740,581 3,031,896 2,223,466 1,262,506 960,960 95,280

Sept. r.............. 9,874,252 4,468,911 583,444 3,144,903 1,495 739,068 3,007,922 2,305,870 1,287,758 1,018,112 91,549

Oct. r................ 9,822,105 4,437,369 556,846 3,138,931 1,505 740,087 3,017,590 2,267,949 1,225,024 1,042,925 99,196

Nov .................. 9,889,261 4,469,328 569,126 3,162,597 1,515 736,090 2,993,472 2,317,246 1,239,454 1,077,792 109,215

Dec .................. 9,944,334 4,451,680 562,312 3,142,320 1,525 745,523 2,996,511 2,382,405 1,299,322 1,083,083 113,737

2012 - Jan ................... 9,890,520 4,466,206 543,902 3,175,393 1,536 745,375 2,919,529 2,391,665 1,253,265 1,138,400 113,120

Feb .................. 10,004,575 4,496,371 554,459 3,186,475 1,545 753,892 2,957,571 2,436,222 1,286,509 1,149,713 114,410

Mar. ................. 9,903,531 4,514,060 543,971 3,220,358 1,556 748,175 2,849,685 2,422,695 1,291,602 1,131,093 117,091

Apr................... 9,951,278 4,525,868 544,726 3,237,096 1,566 742,480 2,753,348 2,556,163 1,401,860 1,154,303 115,899

May p............... 9,860,766 4,576,728 565,760 3,257,863 1,576 751,529 2,660,039 2,515,284 1,332,389 1,182,895 108,714

June p.............. 9,801,574 4,569,348 554,343 3,279,114 1,587 734,304 2,623,662 2,500,979 1,306,491 1,194,488 107,585

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to the 

figures for earlier dates; figures on the second line (“Series Break”) are based in part on 

benchmark surveys as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, endJune 2006, end-June 2007, end-June 2008, end-June 2009, end-June 2010, end-June 2011, 

respectively, and are comparable to the figures shown for the subsequent dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other 

depository institutions, and brokers in the United States. Data generally correspond to statistics 

following in this section and in the “Capital Movements” section. Table excludes International 

Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

nonnegotiable noninterest-bearing special U.S. notes held by international and regional 

organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2012 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2007 .............................................................................. 1,111 1,111 88 1,022

2008 .............................................................................. 1,203 1,203 95 1,108

2009 .............................................................................. 1,302 1,302 102 1,200

2010 .............................................................................. 1,409 1,409 110 1,299

 

2011 - June ................................................................... 1,466 1,466 114 1,352

July .................................................................... 1,476 1,476 114 1,361

Aug .................................................................... 1,486 1,486 115 1,371

Sept ................................................................... 1,495 1,495 116 1,380

Oct ..................................................................... 1,505 1,505 116 1,389

Nov .................................................................... 1,515 1,515 117 1,398

Dec .................................................................... 1,525 1,525 118 1,407

2012 - Jan ..................................................................... 1,536 1,536 119 1,417

Feb..................................................................... 1,545 1,545 119 1,426

Mar..................................................................... 1,556 1,556 120 1,436

Apr ..................................................................... 1,566 1,566 121 1,445

May .................................................................... 1,576 1,576 121 1,455

June.................................................................. 1,587 1,587 122 1,464

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. 

Remaining face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

September 2012 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

September 2012 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

 Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

 Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

September 2012 

52 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

 Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

 Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

 Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

September 2012 

53

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

Table CM-I-1.—Total Liabilities by Type and Holder 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Liability 

Calendar 

Year 

2010 r 

2011 2012 

Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 4,611,120 4,903,646 4,759,083 4,843,660 4,728,229 4,742,980 4,597,519 4,523,093 

Payable in dollars............................................... 4,442,821 4,650,498 4,505,935 4,590,512 4,485,235 4,499,986 4,354,525 4,280,099 

Foreign official institutions.............................. 640,802 562,312 543,902 554,459 543,971 544,726 565,760 554,343 

Deposits, excluding negotiable CDs............. 49,884 55,182 52,194 48,100 44,730 46,549 51,257 51,134 

U.S. Treasury bills and certificates ............... 462,303 357,610 349,584 360,713 355,959 345,681 359,764 362,205 

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities ....................................................... 26,559 14,087 16,201 15,404 14,418 13,686 13,062 10,809 

Other liabilities............................................ 102,056 135,433 125,923 130,242 128,864 138,810 141,677 130,195 

Foreign banks (including own foreign 

offices) and other foreigners ....................... 

3,782,781 

 

4,050,850 3,927,811 

 

3,999,097 3,903,435 

 

3,917,356 3,754,576 3,692,301 

Deposits, excluding negotiable CDs.......... 1,795,867 2,047,463 1,989,425 1,996,572 1,918,215 1,826,635 1,777,598 1,744,243 

U.S. Treasury bills and certificates ............ 242,523 281,091 251,643 266,634 271,831 265,107 259,410 260,662 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 371,188 356,255 357,114 383,517 378,798 391,170 384,213 383,026 

Other liabilities............................................ 1,373,203 1,366,041 1,329,629 1,352,374 1,334,591 1,434,444 1,333,355 1,304,370 

International and regional organizations 1 ..... 19,238 37,336 34,222 36,956 37,829 37,904 34,189 33,455 

Deposits, excluding negotiable CDs.......... 9,637 14,542 11,804 13,949 14,505 14,854 14,990 14,665 

U.S. Treasury bills and certificates ............ 5,454 9,542 10,156 10,206 7,062 7,856 7,772 5,784 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 1,863 3,241 2,964 2,846 1,829 2,714 2,727 3,502 

Other liabilities............................................ 2,284 10,011 9,298 9,955 14,433 12,480 8,700 9,504 

Payable in foreign currencies2 ........................... 168,299 253,148 253,148 253,148 242,994 242,994 242,994 242,994 

Sector: 

Banks and other foreigners........................ 167,408 244,983 244,983 244,983 237,852 237,852 237,852 237,852 

International and regional organizations 1 ...... 891 8,165 8,165 8,165 5,142 5,142 5,142 5,142 

Major currencies: 

Canadian dollars ........................................ 14,941 24,579 24,579 24,579 26,504 26,504 26,504 26,504 

Euro............................................................ 58,514 114,983 114,983 114,983 105,096 105,096 105,096 105,096 

United Kingdom pounds sterling................ 10,511 14,177 14,177 14,177 16,174 16,174 16,174 16,174 

Japanese yen............................................. 46,108 45,146 45,146 45,146 37,451 37,451 37,451 37,451 

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 3,332,931 3,628,672 3,518,273 3,551,192 3,455,338 3,473,772 3,327,577 3,254,111 

Liabilities to own foreign offices..................... 2,263,042 2,356,524 2,267,572 2,272,697 2,156,867 2,086,766 1,979,803 1,922,013 

Liabilities collaterized by repurchase 

agreements ............................................ 635,755 763,137 684,513 733,161 732,946 841,834 718,534 703,118 

Foreign official institutions...................... 87,475 121,626 110,929 112,834 114,379 125,685 128,656 120,288 

Foreign banks and other foreigners....... 546,721 633,002 566,223 611,825 605,972 705,894 583,310 575,252 

International and regional organizations 1..... 1,559 8,509 7,361 8,502 12,595 10,255 6,568 7,578 

Reported by IBFs ................................... 560,121 744,682 653,716 630,952 620,418 505,892 501,749 489,487 

Respondents’ own liabilities payable in 

foreign currencies 2 ...................................... 161,604 246,809 246,809 246,809 235,300 235,300 235,300 235,300 

Reported by IBFs ................................... 45,650 64,583 64,583 64,583 46,094 46,094 46,094 46,094 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,116,585 1,028,165 994,001 1,045,659 1,037,591 1,033,908 1,034,642 1,033,682 

Payable in dollars....................................... 1,109,890 1,021,826 987,662 1,039,320 1,029,897 1,026,214 1,026,948 1,025,988 

of which: other short-term negotiable 

securities and negotiable CDs ............ 211,286 191,079 187,450 188,272 186,081 190,639 181,434 176,164 

 of which: short-term U.S. Government 

agency securities ................................ 43,594 31,876 31,166 29,479 25,794 25,442 23,413 28,720 

 of which: negotiable CDs ...................... 71,767 63,061 59,834 54,265 53,699 59,821 56,445 55,829 

Payable in foreign currencies 2 .................. 6,695 6,339 6,339 6,339 7,694 7,694 7,694 7,694 

1

 Principally the Bank for International Settlements, the International Bank for Reconstruction 

and Development (World Bank), and the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

September 2012 

54 

TABLE CM-I-2.—Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country

Calendar year 2012 

2009 2010 r 2011 r Feb. r Mar. Apr. May June p

Europe: Austria ............................................... 1,954 2,426 3,479 2,621 2,917 2,856 3,022 2,659

Belgium ............................................ 14,676 18,355 23,769 21,571 23,109 23,127 20,195 21,243

Bulgaria ............................................. 148 130 140 170 559 594 582 558

Cyprus............................................... 1,780 968 770 836 1,058 810 758 1,093

Czech Republic ................................. 881 504 167 166 612 167 168 158

Denmark............................................ 3,339 5,168 5,662 5,392 5,451 5,612 5,933 6,030

Finland............................................... 1,127 900 3,586 1,271 1,588 1,179 1,834 7,074

France ............................................... 60,904 58,463 159,272 136,141 118,411 173,175 131,425 112,590

Germany............................................ 112,143 104,054 122,633 113,550 117,830 120,028 124,073 109,983

Greece............................................... 1,071 1,272 4,408 2,589 2,657 2,903 2,981 2,569

Hungary............................................. 575 671 1,291 1,293 1,988 1,909 1,662 2,057

Iceland .............................................. 815 795 1,757 1,658 1,605 1,389 2,247 1,928

Ireland ............................................... 147,936 128,409 144,970 137,627 140,686 145,660 143,697 130,886

Italy.................................................... 8,695 6,359 14,187 13,104 13,730 12,651 13,102 13,428

Kazakhstan ....................................... 10,425 13,051 22,476 31,649 29,847 25,009 26,376 25,804

Luxembourg ..................................... 101,534 86,461 102,730 94,384 100,335 103,061 102,243 103,128

Monaco.............................................. 177 186 809 675 568 635 664 687

Netherlands....................................... 17,924 15,784 18,214 22,214 19,354 20,435 24,323 23,047

Norway .............................................. 2,438 2,999 3,558 4,074 2,197 2,278 3,600 4,488

Poland ............................................... 4,786 6,037 5,646 5,362 5,649 4,500 4,389 4,296

Portugal............................................. 1,790 2,710 1,968 1,574 1,547 1,604 1,777 1,503

Romania............................................ 590 3,468 342 1,398 961 1,293 1,586 935

Russia .............................................. 74,671 50,963 12,765 12,519 12,006 15,388 12,312 13,840

Serbia and Montenegro .................... 300 457 1,320 991 867 933 633 541

Spain ................................................. 14,369 12,612 13,743 13,782 11,868 14,985 12,728 16,933

Sweden ............................................. 5,917 5,295 7,260 8,283 10,562 7,203 6,018 8,218

Switzerland........................................ 47,786 44,600 87,900 98,511 80,264 77,161 63,430 73,080

Turkey ............................................... 22,377 24,177 21,379 20,699 19,709 18,856 18,441 20,185

Ukraine.............................................. 3,167 4,278 3,377 3,317 2,851 3,248 5,362 5,950

United Kingdom................................. 784,529 996,991 1,095,921 1,071,370 1,042,046 990,656 902,989 852,246

Channel Islands ................................ 14,953 18,226 12,855 11,787 14,780 11,471 11,415 13,418

All other Europe ................................ 9,182 8,828 13,523 14,394 15,794 16,938 16,649 14,432

Total Europe.................................. 1,472,960 1,625,597 1,911,877 1,854,972 1,803,406 1,807,715 1,666,614 1,594,987

Memo: Euro Area 1........................ 486,405 439,347 614,357 562,472 555,783 623,504 583,058 547,056

Memo: European Union 2.............. 1,287,981 1,458,271 1,731,196 1,656,376 1,624,072 1,635,776 1,506,632 1,421,825

Canada.................................................. 93,981 109,604 139,919 134,194 131,443 134,906 140,741 137,195

Latin America: Argentina........................................... 12,653 12,342 11,242 11,622 11,630 11,498 11,563 11,631

Belize................................................. 329 308 510 567 574 616 625 649

Bolivia................................................ 2,955 1,711 2,359 2,754 3,226 3,061 2,867 2,967

Brazil ................................................. 62,357 41,018 24,911 27,146 28,616 32,991 32,394 32,277

Chile .................................................. 11,710 16,281 21,629 21,229 20,454 21,804 24,005 24,096

Colombia ........................................... 17,640 21,024 12,061 11,053 10,468 10,140 9,375 9,205

Costa Rica......................................... 1,957 1,431 1,534 2,173 2,567 2,405 2,620 2,082

Ecuador............................................. 3,919 3,840 3,864 4,132 4,071 3,935 3,842 3,879

El Salvador........................................ 2,826 1,873 1,511 1,593 1,675 1,693 1,605 1,446

Guatemala......................................... 2,153 2,170 1,862 1,744 1,847 1,894 2,363 1,951

Guyana.............................................. 204 270 223 275 220 245 217 270

Honduras........................................... 1,420 1,558 1,745 1,789 1,701 1,660 1,747 1,764

Mexico............................................... 51,643 62,664 71,046 63,846 64,438 66,056 71,408 76,962

Nicaragua.......................................... 491 773 810 926 986 933 846 831

Panama............................................. 9,852 8,051 7,901 8,308 8,449 8,798 8,212 8,577

Paraguay........................................... 716 902 830 918 997 931 827 760

Peru................................................... 4,894 7,740 9,064 10,010 12,357 10,658 10,754 10,516

Suriname........................................... 278 269 520 383 595 543 459 388

Uruguay............................................. 8,768 7,745 8,063 10,415 10,082 10,866 10,812 10,558

Venezuela ......................................... 25,245 23,079 26,915 23,685 23,554 22,947 23,101 23,767

All other Latin America...................... 59 50 35 35 31 30 30 33

Total Latin America ....................... 222,069 215,099 208,635 204,603 208,538 213,704 219,672 224,609

Caribbean: Anguilla.............................................. 11,520 10,914 12,317 13,872 13,120 12,934 13,414 13,543

Antigua and Barbuda ........................ 118 69 100 99 100 94 88 92

Aruba................................................. 589 373 335 398 338 311 326 315

Bahamas ........................................... 290,354 264,406 237,897 224,143 203,138 221,014 198,843 205,214

Barbados........................................... 10,407 11,213 14,856 16,555 13,452 16,998 14,978 13,175

Bermuda............................................ 40,291 42,009 48,039 45,831 48,176 47,004 46,718 44,707

British Virgin Islands ......................... 34,856 44,188 41,196 40,023 40,292 41,769 42,076 40,388

Cayman Islands ................................ 1,480,624 1,528,616 1,415,016 1,460,556 1,413,934 1,357,858 1,371,470 1,354,441

Cuba.................................................. 83 77 46 62 50 49 46 47

Dominican Republic .......................... 3,286 3,548 3,247 2,943 2,960 2,925 3,791 3,356

French West Indies ........................... 36 35 37 32 32 39 34 36

Haiti ................................................... 679 1,279 928 1,067 1,151 1,189 1,030 1,085

Jamaica............................................. 989 877 974 1,225 958 858 969 868

Netherlands Antilles .......................... 6,944 7,694 6,603 6,082 11,218 13,211 11,520 6,391

See footnotes at end of table.
CAPITAL MOVEMENTS 

September 2012 

55

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 

2009 2010 r 2011 r Feb. r Mar. Apr. May June p

Caribbean, con. 

St. Kitts and Nevis............................. 144 159 214 224 197 266 284 311

Trinidad and Tobago......................... 3,988 3,474 4,897 4,534 5,198 4,772 4,734 4,690

Turks and Caicos Islands.................. 107 100 68 83 83 77 142 116

All other Caribbean ........................... 127 161 293 348 264 310 227 185

Total Caribbean............................. 1,885,142 1,919,193 1,787,063 1,818,077 1,754,661 1,721,677 1,710,690 1,688,960

Asia: 

Bangladesh ....................................... 4,506 3,837 2,841 3,134 2,978 3,427 3,028 3,684

China, Mainland ................................ 106,078 47,449 56,401 73,560 85,699 103,825 110,501 119,826

Hong Kong ........................................ 129,918 105,350 92,393 82,673 85,739 83,886 82,491 76,314

India................................................... 26,421 23,137 19,603 22,109 24,294 22,497 22,049 22,016

Indonesia........................................... 21,671 22,546 19,412 21,225 18,837 19,210 15,895 11,807

Israel.................................................. 16,816 18,498 21,212 27,791 27,236 28,457 26,023 23,145

Japan................................................. 185,546 162,291 216,609 179,326 167,353 184,026 178,452 194,362

Jordan ............................................... 2,527 2,752 2,059 1,109 1,698 2,020 1,739 2,074

Korea, South ..................................... 12,458 11,182 18,529 18,717 19,284 16,164 17,344 19,919

Laos................................................... 74 103 97 40 40 44 40 64

Lebanon ............................................ 1,421 1,620 1,245 3,052 3,989 4,738 4,791 5,206

Malaysia ............................................ 2,297 4,276 3,789 3,463 4,010 3,438 4,795 5,430

Pakistan............................................. 3,805 5,253 4,332 4,268 4,318 4,303 4,313 3,558

Philippines......................................... 5,365 6,189 11,291 7,757 7,676 7,063 6,812 7,396

Singapore.......................................... 28,378 40,918 38,232 32,640 37,541 36,501 36,538 37,400

Syria .................................................. 34 39 40 42 44 42 44 192

Taiwan............................................... 29,938 31,360 31,304 33,249 31,890 32,171 29,276 26,780

Thailand............................................. 17,028 31,724 35,274 38,215 39,683 37,100 37,620 37,421

Yemen............................................... 336 247 275 433 389 360 421 367

Oil exporting countries 3 .................... 105,728 100,888 135,262 131,517 124,477 127,591 133,349 135,378

All other Asia ..................................... 7,563 6,498 8,801 9,481 9,165 10,732 9,909 10,271

Total Asia ...................................... 707,908 626,157 719,001 693,801 696,340 727,595 725,430 742,610

Africa: 

Botswana........................................... 307 232 319 366 370 290 261 240

Egypt ................................................. 17,481 26,550 7,102 5,179 4,026 5,296 6,080 5,603

Ghana................................................ 284 641 854 952 880 484 685 551

Kenya ................................................ 476 400 515 542 525 517 571 996

Liberia................................................ 626 664 556 574 568 578 571 685

Mauritius............................................ 1,669 2,145 1,972 2,687 4,525 6,172 5,306 2,482

Morocco............................................. 339 784 230 264 302 319 307 236

Mozambique...................................... 232 283 480 297 329 360 332 441

South Africa....................................... 3,005 1,384 2,133 2,429 2,350 2,565 2,702 2,789

Tanzania............................................ 482 483 697 493 502 360 353 527

Uganda.............................................. 441 468 597 447 590 522 446 770

Zambia .............................................. 235 425 369 351 520 467 444 333

Zimbabwe.......................................... 276 321 213 422 377 378 338 336

Oil exporting countries 4 .................... 7,108 5,605 6,668 7,449 7,163 7,543 8,334 6,847

All other Africa................................... 8,239 6,938 7,396 7,706 7,252 7,860 7,777 7,160

Total Africa .................................... 41,200 47,323 30,101 30,158 30,279 33,711 34,507 29,996

Other countries: 

Australia ............................................ 27,056 32,702 48,770 48,808 45,388 45,836 46,160 51,748

New Zealand ..................................... 5,480 3,926 4,801 6,152 6,087 5,467 5,226 5,286

French Polynesia .............................. 164 142 131 135 133 120 124 129

All other ............................................. 7,428 11,248 7,847 7,639 8,983 9,203 9,024 8,976

Total other .................................... 40,128 48,018 61,549 62,734 60,591 60,626 60,534 66,139

All countries........................................... 4,463,388 4,590,991 4,858,145 4,798,539 4,685,258 4,699,934 4,558,188 4,484,496

International and regional orgs: International organizations............... 13,453 14,667 37,464 36,810 35,929 35,477 31,829 30,059

Regional organizations 5 .................. 3,126 5,462 8,037 8,311 7,042 7,569 7,502 8,538

Total international and 

 regional organizations................ 16,579 20,129 45,501 45,121 42,971 43,046 39,331 38,597

Grand total ................................ 4,479,967 4,611,120 4,903,646 4,843,660 4,728,229 4,742,980 4,597,519 4,523,093

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, 

Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning 

June 2006. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2012 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2012, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: 

Austria ............................ 2,659 1,849 1,195 655 360 516 463 25 4 457 24 810

Belgium .......................... 21,243 20,119 8,891 11,229 2,061 1,016 10,294 782 140 5,811 16 1,124

Cyprus............................ 1,093 1,090 1,088 2 704 249 2 - - 2 133 3

Czech Republic .............. 158 144 144 - 31 87 - - - 25 1 14

Denmark......................... 6,030 6,022 1,820 4,202 620 621 4,046 89 5 611 30 8

Finland............................ 7,074 6,989 6,321 667 5,997 130 52 89 526 164 30 85

France ............................ 112,590 92,151 78,468 13,683 48,299 3,281 9,683 2,724 1,231 18,165 8,768 20,439

Germany......................... 109,983 85,880 79,560 6,319 25,360 3,000 5,085 546 74 50,749 1,065 24,103

Greece............................ 2,569 2,565 962 1,603 247 656 1,595 1 7 36 23 4

Hungary.......................... 2,057 1,826 598 1,228 27 85 1,216 1 10 486 1 231

Ireland ............................ 130,886 130,034 36,662 93,371 3,071 10,375 21,836 43,686 24,302 5,859 20,904 852

Italy................................. 13,428 12,363 11,699 664 9,604 1,148 537 5 37 930 102 1,065

Kazakhstan .................... 25,804 25,169 3,724 21,445 1,683 162 21,245 200 - 1,863 16 635

Luxembourg ................... 103,128 101,899 28,735 73,165 5,381 10,076 40,142 20,009 11,254 1,004 14,034 1,229

Monaco........................... 687 686 543 143 24 517 143 - - 1 1 1

Netherlands.................... 23,047 22,258 17,720 4,539 6,378 8,646 2,780 670 76 1,948 1,760 789

Norway ........................... 4,488 4,453 4,259 194 267 132 193 - 1 3,813 47 35

Poland ............................ 4,296 4,243 1,204 3,039 371 220 2,415 624 - 611 2 53

Portugal.......................... 1,503 1,499 1,472 27 1,068 272 26 - 1 130 2 4

Romania......................... 935 935 930 5 44 81 5 - - 799 6 -

Russia ............................ 13,840 13,784 8,476 5,308 5,979 1,222 5,300 6 2 1,202 73 56

Spain .............................. 16,933 16,302 10,313 5,988 4,446 2,375 5,754 154 22 3,477 73 631

Sweden........................... 8,218 8,166 6,538 1,628 745 606 506 812 181 4,519 797 52

Switzerland..................... 73,080 70,836 46,487 24,349 33,624 3,272 19,194 4,726 361 8,004 1,655 2,244

Turkey............................. 20,185 20,137 2,723 17,414 1,054 260 17,295 117 2 1,406 3 48

Ukraine ........................... 5,950 5,901 5,891 10 3,685 1,850 10 - - 352 4 49

United Kingdom.............. 852,246 795,779 770,442 25,337 203,914 25,027 18,053 3,477 2,226 296,290 246,792 56,467

Channel Islands ............. 13,418 13,083 8,201 4,882 3,741 3,613 4,204 429 11 127 958 335

All other Europe............... 17,459 16,917 13,631 3,287 3,673 1,283 2,257 608 421 8,560 116 542

Total Europe ................ 1,594,987 1,483,079 1,158,696 324,383 372,459 80,778 194,331 79,780 40,894 417,401 297,436 111,908

Memo: Euro Area 4...... 547,056 495,915 283,903 212,012 113,152 42,247 98,321 68,716 37,676 88,817 46,986 51,141

Canada................................. 137,195 130,391 109,591 20,800 10,510 11,165 12,545 5,744 1,178 74,485 14,764 6,804

Latin America: 

Argentina.......................... 11,631 11,509 10,912 597 802 9,684 318 133 143 257 172 122

Belize................................ 649 646 609 37 318 230 1 - 36 60 1 3

Bolivia............................... 2,967 2,154 1,658 496 445 1,173 112 82 302 19 21 813

Brazil................................. 32,277 31,547 22,113 9,434 8,250 6,757 8,615 172 601 2,875 4,277 730

Chile ................................. 24,096 23,487 12,888 10,599 5,831 4,166 8,489 693 1,381 2,826 101 609

Colombia .......................... 9,205 9,116 8,055 1,061 2,105 5,370 879 96 73 555 38 89

Costa Rica........................ 2,082 2,057 1,943 114 342 505 32 24 58 1,088 8 25

Ecuador............................ 3,879 3,866 3,754 112 809 2,474 43 26 18 432 64 13

El Salvador....................... 1,446 1,436 1,205 231 307 605 39 127 65 274 19 10

Guatemala........................ 1,951 1,902 1,710 192 285 1,218 129 54 9 191 16 49

Honduras.......................... 1,764 1,762 1,682 80 791 790 14 7 59 101 - 2

Mexico .............................. 76,962 58,526 46,635 11,891 19,164 22,610 8,596 739 2,535 4,030 852 18,436

Panama............................ 8,577 8,421 7,944 477 3,664 3,649 226 132 118 498 134 156

Paraguay.......................... 760 758 727 31 285 434 - 31 - 1 7 2

Peru .................................. 10,516 10,023 8,851 1,172 5,341 2,239 379 771 20 1,234 39 493

Uruguay............................ 10,558 10,479 9,979 500 1,875 4,664 327 87 84 3,238 204 79

Venezuela ........................ 23,767 23,539 22,960 579 3,268 19,195 61 313 204 312 186 228

All other Latin America .... 1,522 1,521 1,363 158 495 533 15 86 56 335 1 1

Total Latin America ..... 224,609 202,749 164,988 37,761 54,377 86,296 28,275 3,573 5,762 18,326 6,140 21,860

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2012 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2012, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 Liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Caribbean: 

Aruba........................................ 315 315 295 20 88 181 6 - 14 12 14 -

Bahamas.................................. 205,214 204,796 202,573 2,223 146,751 6,488 1,448 653 87 46,940 2,429 418

Barbados.................................. 13,175 13,165 10,051 3,114 1,705 642 1,760 1,117 228 5,472 2,241 10

Bermuda .................................. 44,707 42,308 18,944 23,364 747 12,637 18,522 3,790 519 59 6,034 2,399

British Virgin Islands ................ 40,388 38,587 26,923 11,664 70 25,070 10,457 630 237 - 2,123 1,801

Cayman Islands ....................... 1,354,441 1,313,574 1,023,724 289,850 493,307 221,308 70,117 11,641 1,817 383,683 131,701 40,867

Dominican Republic................. 3,356 3,328 3,295 33 849 2,200 15 5 13 235 11 28

Haiti .......................................... 1,085 1,085 1,056 29 443 356 1 7 21 257 - -

Jamaica.................................... 868 855 840 15 285 358 9 2 4 192 5 13

Netherlands Antilles................. 6,391 6,230 4,992 1,238 2,514 1,870 460 747 31 458 150 161

Trinidad and Tobago................ 4,690 4,441 2,658 1,783 1,423 448 1,721 4 6 783 56 249

All other Caribbean .................. 14,330 12,610 11,844 766 179 11,228 739 7 20 2 435 1,720

Total Caribbean.................. 1,688,960 1,641,294 1,307,195 334,099 648,361 282,786 105,255 18,603 2,997 438,093 145,199 47,666

Asia: China, Mainland....................... 119,826 119,599 110,784 8,815 53,200 5,329 8,312 292 40 51,449 977 227

Hong Kong............................... 76,314 74,655 34,868 39,787 17,505 4,558 39,167 418 83 11,220 1,704 1,659

India ......................................... 22,016 21,963 8,904 13,059 1,849 2,716 12,144 668 55 3,930 601 53

Indonesia ................................. 11,807 11,797 7,269 4,528 4,495 563 4,303 142 82 2,169 43 10

Israel ........................................ 23,145 22,993 13,168 9,825 632 2,041 9,671 95 58 10,476 20 152

Japan ....................................... 194,362 163,870 100,958 62,912 29,073 8,707 60,744 825 83 61,394 3,044 30,492

Jordan ...................................... 2,074 2,074 1,964 110 1,580 77 - - 110 303 4 -

Korea, South............................ 19,919 19,554 13,220 6,334 6,897 1,137 4,323 1,135 388 5,562 112 365

Malaysia................................... 5,430 5,401 5,221 180 3,766 603 173 4 2 833 20 29

Pakistan ................................... 3,558 3,558 2,957 601 404 300 575 - 2 2,249 28 -

Philippines................................ 7,396 7,361 6,705 656 4,625 670 607 16 32 1,158 253 35

Singapore................................. 37,400 36,620 27,792 8,828 19,479 2,352 6,543 1,931 319 3,865 2,131 780

Taiwan...................................... 26,780 26,495 23,910 2,585 8,990 6,400 2,349 18 207 8,187 344 285

Thailand ................................... 37,421 37,378 3,582 33,796 1,614 446 33,650 26 117 1,512 13 43

All other Asia............................ 155,162 154,993 61,104 93,889 18,513 4,129 88,977 3,810 1,065 38,185 314 169

Total Asia............................. 742,610 708,311 422,406 285,905 172,622 40,028 271,538 9,380 2,643 202,492 9,608 34,299

Africa: Egypt........................................ 5,603 5,602 4,121 1,481 1,359 299 1,439 - 42 2,461 2 1

Ghana ...................................... 551 551 548 3 281 145 - 1 2 121 1 -

Kenya....................................... 996 992 991 1 439 93 1 - - 458 1 4

Liberia ...................................... 685 676 525 151 9 351 138 13 - 165 - 9

Morocco ................................... 236 235 235 - 171 53 - - - 11 - 1

South Africa ............................. 2,789 2,716 2,415 301 1,786 409 300 - 1 148 72 73

All other Africa.......................... 19,136 18,406 16,930 1,476 11,076 2,207 1,415 60 1 2,961 686 730

Total Africa........................... 29,996 29,178 25,765 3,413 15,121 3,557 3,293 74 46 6,325 762 818

Other countries: Australia ................................... 51,748 45,016 36,713 8,303 13,759 2,152 5,698 738 1,144 16,295 5,230 6,732

New Zealand............................ 5,286 5,238 3,323 1,915 181 341 1,839 69 7 2,764 37 48

All other.................................... 9,105 1,388 1,265 123 206 678 93 21 9 375 6 7,717

Total other........................... 66,139 51,642 41,301 10,341 14,146 3,171 7,630 828 1,160 19,434 5,273 14,497

All countries.................................. 4,484,496 4,246,644 3,229,942 1,016,702 1,287,596 507,781 622,867 117,982 54,680 1,176,556 479,182 237,852

International and regional orgs: International organizations....... 30,059 24,983 19,050 5,933 - 11,259 5,598 103 232 - 7,791 5,076

Regional organizations 5.......... 8,538 8,472 5,119 3,353 - 3,406 186 2,250 917 - 1,713 66

Total International and 

 regional organizations ........ 38,597 33,455 24,169 9,286 - 14,665 5,784 2,353 1,149 - 9,504 5,142

Grand total ...................... 4,523,093 4,280,099 3,254,111 1,025,988 1,287,596 522,446 628,651 120,335 55,829 1,176,556 488,686 242,994

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 As of January 2011, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

September 2012 

58 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.5 trillion in June 2012, a decrease 

of $381 billion from yearend 2011. U.S. banking liabilities include foreign holdings of U.S. short-term 

securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased about 

$427 billion in 2009 but increased about $131 billion in 2010 and $293 billion in 2011. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

about 55 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking 

centers in the Caribbean. These financial centers, particularly the United Kingdom, recorded much of the 

rebound in banking liabilities in 2010. In 2011, liabilities to all of Europe grew rapidly as European banks 

provided funds to their U.S. branches. However, liabilities to Europe, particularly to the United Kingdom, 

declined in the second half of 2012, as did liabilities to all regions except “All other Asia”. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010 2011 June 2012 

United Kingdom ..................... 784,793 784,529 996,991 1,095,921 852,246

All other Europe ..................... 845,375 688,431 628,606 815,956 742,741

Caribbean banking centers 1 .... 1,998,786 1,862,921 1,894,964 1,756,652 1,659,718

Japan ..................................... 251,993 185,546 162,291 216,609 194,362

All other Asia ......................... 603,611 522,362 463,866 502,392 548,248

Subtotal ............................... 4,484,558 4,043,789 4,146,718 4,387,530 3,997,315

All other countries .................. 422,098 436,178 464,402 516,116 525,778

Grand total ........................... 4,906,656 4,479,967 4,611,120 4,903,646 4,523,093

 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 
 CAPITAL MOVEMENTS 

September 2012 

59

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Claim 

Calendar 

Year 

2010 r 

2011 2012 

Mar. r June r Sept. r Dec. Mar. p

 

Total claims .............................................................. 4,531,017 4,606,710 4,400,774 4,346,130 4,243,716 3,999,806

Payable in dollars .................................................. 4,107,155 4,212,037 4,018,752 3,971,860 3,822,689 3,635,019

Own claims on foreigners ................................... 3,251,999 3,339,966 3,193,432 3,249,896 3,177,086 3,064,890

Foreign official institutions ............................... 49,431 55,078 40,356 39,599 29,662 34,956

Foreign banks, including own foreign 

offices ........................................................... 2,473,969 2,522,672 2,331,268 2,370,692 2,323,791 2,197,934 

All other foreigners .......................................... 724,705 762,216 821,808 839,605 823,633 832,000

Claims of domestic customers .............................. 855,156 872,071 825,320 721,964 645,603 570,129

Payable in foreign currencies .................................. 423,862 394,673 382,022 374,270 421,027 364,787

Own claims on foreigners ..................................... 341,739 350,384 307,260 301,101 349,714 319,401

of which: 

Canadian dollars .............................................. 41,582 47,126 49,247 38,805 41,393 45,010

Euros ................................................................ 169,895 170,313 133,338 131,581 146,926 128,144

United Kingdom pounds sterling ...................... 30,007 35,099 36,222 36,625 39,886 45,783

Japanese yen ................................................... 50,926 39,913 34,080 35,758 60,923 37,064

Claims of domestic customers .............................. 82,123 44,289 74,762 73,169 71,313 45,386

of which: 

Canadian dollars .............................................. 15,436 4,129 5,677 7,765 12,705 11,698

Euros ................................................................ 32,940 12,772 13,964 10,718 6,777 6,713

United Kingdom pounds sterling ...................... 2,822 4,817 3,528 2,317 2,178 2,502

Japanese yen ................................................... 18,149 10,121 35,881 36,407 36,070 8,759

Memoranda: 

Total own claims on foreigners ............................. 3,593,738 3,690,350 3,500,692 3,550,997 3,526,800 3,384,291

Non-negotiable deposits .................................... 1,669,557 1,731,628 1,501,532 1,543,276 1,476,054 1,335,549

Short-term negotiable instruments 

 (payable in dollars) ........................................... 16,633 13,351 16,079 12,317 12,377 10,395 

Resale agreements ............................................ 731,849 734,412 791,467 791,934 808,014 816,147

Other ................................................................... 1,175,699 1,210,959 1,191,614 1,203,470 1,230,355 1,222,200

Claims on own foreign offices ............................... 2,298,505 2,339,919 2,281,850 2,270,221 2,270,247 2,106,921

Claims reported by IBFs ....................................... 669,315 716,753 670,271 648,123 656,935 577,213

Payable in dollars ............................................... 615,435 664,970 623,224 609,022 592,270 541,863

Payable in foreign currencies ............................. 53,880 51,783 47,047 39,101 64,665 35,350

Total claims held for domestic customers ............ 937,279 916,360 900,082 795,133 716,916 615,515

Non-negotiable deposits .................................... 429,393 370,158 375,342 379,530 355,618 270,042

Short-term negotiable instruments 

 (payable in dollars) ........................................... 424,957 466,149 427,705 333,551 286,985 292,432 

Other................................................................... 82,929 80,053 97,035 82,052 74,313 53,041

 
CAPITAL MOVEMENTS 

September 2012 

60 

TABLE CM-II-2.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2009 r 

2010 2011 2012

Sept. r Dec. r Mar. r June r Sept. r Dec. Mar. p

Europe: 

Austria ................................................... 3,299 2,786 3,470 2,866 2,383 3,081 3,105 3,329

Belgium.................................................. 14,056 19,546 20,991 18,795 15,304 10,020 9,912 7,816

Bulgaria ................................................. 23 15 19 10 9 10 11 6

Czech Republic ..................................... 514 50 51 27 26 24 81 20

Denmark................................................ 6,054 4,278 4,004 3,231 2,784 2,837 3,574 3,505

Finland................................................... 43,722 36,662 45,772 41,267 40,039 38,849 37,664 29,555

France ................................................... 195,456 201,835 206,754 240,032 254,490 158,215 104,759 96,670

Germany................................................ 86,934 92,311 87,489 78,474 72,370 68,469 56,754 66,414

Greece................................................... 970 655 700 207 219 184 147 140

Hungary................................................. 1,395 602 556 180 179 338 353 390

Ireland.................................................... 76,082 43,406 29,276 32,193 30,656 33,109 26,612 24,069

Italy ........................................................ 51,033 45,189 32,855 25,855 23,969 7,704 6,160 6,072

Kazakhstan ........................................... 377 357 270 277 358 106 141 169

Luxembourg .......................................... 31,406 25,063 23,688 30,364 34,852 25,549 22,186 23,128

Netherlands ........................................... 66,921 52,522 48,277 57,101 66,954 58,618 55,437 51,867

Norway .................................................. 21,433 22,695 17,456 21,865 18,234 17,570 15,953 14,329

Poland ................................................... 495 2,192 391 917 197 442 621 680

Portugal ................................................. 2,357 1,269 1,415 845 901 798 796 905

Romania ................................................ 183 116 112 178 226 502 406 315

Russia.................................................... 1,822 1,453 1,353 1,105 1,104 1,786 1,427 1,166

Spain ..................................................... 46,988 28,321 15,506 10,683 13,412 8,315 5,861 7,697

Sweden.................................................. 15,715 32,255 41,082 54,830 43,493 39,725 38,081 39,642

Switzerland............................................ 79,447 67,536 57,846 70,001 69,706 98,596 75,182 60,254

Turkey.................................................... 4,170 5,373 5,519 4,937 5,040 5,710 5,231 5,900

United Kingdom..................................... 1,155,891 1,306,637 1,325,525 1,340,186 1,255,488 1,236,017 1,269,437 1,204,144

Channel Islands..................................... 19,616 15,736 15,538 16,275 14,645 12,873 9,975 8,493

All other Europe .................................... 5,227 5,444 4,901 5,556 5,693 4,863 4,075 3,617

Total Europe ....................................... 1,931,585 2,014,304 1,990,817 2,058,259 1,972,731 1,834,310 1,753,941 1,660,292

Memo: Euro Area 1 ............................. 623,092 551,886 518,230 540,448 557,385 413,778 330,339 318,861

Memo: European Union 2 ................... 1,803,374 1,898,041 1,889,977 1,940,013 1,859,802 1,693,789 1,642,919 1,567,574

Canada ..................................................... 170,119 184,736 221,144 214,191 222,259 209,967 222,291 218,468

Latin America: 

Argentina ............................................... 3,585 4,216 4,444 4,483 4,888 7,220 5,403 5,709

Bolivia ................................................... 516 409 154 137 158 163 140 145

Brazil...................................................... 32,953 53,607 56,667 62,969 69,800 76,569 82,896 82,028

Chile ...................................................... 14,461 15,041 14,986 16,074 16,713 15,502 17,142 17,024

Colombia ............................................... 3,553 4,610 7,442 8,552 7,986 8,493 8,446 7,802

Costa Rica ............................................ 1,017 997 1,226 1,199 1,599 1,941 1,974 1,981

Ecuador................................................. 503 508 491 452 433 439 475 537

El Salvador ........................................... 558 261 386 395 551 496 560 554

Guatemala............................................. 1,103 1,055 1,249 1,298 1,983 2,219 2,345 2,327

Honduras .............................................. 391 336 372 398 435 394 477 536

Mexico ................................................... 24,658 28,737 31,826 36,478 35,052 34,778 33,179 32,972

Nicaragua .............................................. 73 79 97 89 105 104 85 98

Panama ................................................. 3,229 3,767 3,768 3,867 4,413 4,796 4,668 4,544

Paraguay .............................................. 137 180 488 289 349 346 447 417

Peru ....................................................... 3,118 4,376 4,434 5,183 6,001 5,651 5,085 6,620

Uruguay................................................. 715 395 2,446 504 550 897 675 1,872

Venezuela ............................................. 1,742 1,536 1,573 1,697 2,025 1,770 1,683 1,885

All other Latin America ......................... 35 29 72 42 71 197 195 184

Total Latin America............................. 92,347 120,139 132,121 144,106 153,112 161,975 165,875 167,235

Caribbean: 

Anguilla ................................................. 10,715 10,693 10,826 13,233 13,120 13,285 13,968 14,718

Bahamas ............................................... 268,057 370,710 380,494 404,566 374,185 480,615 470,556 358,909

Barbados .............................................. 489 523 504 547 627 633 493 859

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2012 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2009 r 

2010 2011 2012 

Sept. r Dec. r Mar. r June r Sept. r Dec. Mar. p

Caribbean, con. 

Bermuda..................................... 11,202 10,524 12,256 12,744 14,355 16,490 14,250 17,166

British Virgin Islands................... 7,007 10,651 12,552 13,466 13,931 13,457 13,760 15,036

Cayman Islands.......................... 1,073,339 1,142,204 1,176,720 1,150,780 996,760 957,030 901,163 893,411

Dominican Republic ................... 780 845 891 897 1,101 1,094 1,270 1,137

Haiti ............................................ 48 43 38 40 33 30 40 31

Jamaica ...................................... 452 341 379 355 466 585 631 668

Netherlands Antilles ................... 7,210 6,906 6,080 6,987 6,533 2,563 2,826 2,125

Trinidad and Tobago .................. 540 526 546 636 726 530 689 728

All other Caribbean..................... 796 564 645 473 488 538 481 667

Total Caribbean ....................... 1,380,635 1,554,530 1,601,931 1,604,724 1,422,325 1,486,850 1,420,127 1,305,455

Asia: 

China, Mainland. ........................ 4,252 15,181 18,003 23,929 24,719 21,481 19,903 22,089

Hong Kong ................................. 21,504 41,826 39,832 49,196 61,336 65,103 56,146 42,468

India............................................ 7,624 12,359 13,760 15,164 16,588 19,071 19,867 19,245

Indonesia.................................... 813 682 1,018 1,242 1,668 2,118 2,620 2,290

Israel........................................... 3,382 5,680 5,828 5,607 6,160 5,670 5,411 4,982

Japan.......................................... 185,928 269,554 289,439 279,613 300,980 312,026 359,898 335,425

Jordan ........................................ 17 46 77 72 80 73 71 82

Korea, South .............................. 15,658 24,133 19,623 18,271 19,394 23,852 22,604 22,889

Lebanon...................................... 67 77 56 111 105 96 62 75

Malaysia ..................................... 354 1,987 2,391 3,424 5,351 6,108 4,884 5,952

Pakistan...................................... 22 21 11 71 47 58 181 44

Philippines .................................. 905 1,839 1,739 1,956 1,909 2,662 1,545 1,508

Singapore ................................... 16,281 21,668 19,915 21,295 18,411 24,470 26,227 33,201

Taiwan........................................ 3,019 5,385 5,451 5,836 5,269 6,837 6,260 3,681

Thailand...................................... 236 385 842 1,386 874 441 339 463

Asian oil exporters 3 ................... 22,712 14,165 16,066 19,110 16,178 16,723 15,593 19,601

All other Asia .............................. 602 904 1,289 1,738 3,092 3,369 2,959 3,430

Total Asia ................................. 283,376 415,892 435,340 448,021 482,161 510,158 544,570 517,425

Africa: 

Cameroon................................... 8 6 57 5 3 3 5

Egypt .......................................... 646 4,308 7,772 2,524 4,222 1,675 1,064 786

Ghana......................................... 186 198 104 153 204 116 117 249

Liberia......................................... 449 723 951 1,005 986 1,061 1,095 1,221

Morocco...................................... 12 112 232 175 311 139 361 339

South Africa................................ 1,508 1,187 1,193 1,425 936 678 631 1,281

African oil exporters 4 ................. 291 269 308 277 342 336 339 763

All other Africa ............................ 5,691 6,116 6,147 5,894 5,724 5,062 5,419 5,322

Total Africa .............................. 8,791 12,919 16,712 11,460 12,730 9,070 9,029 9,966

Other countries: 

Australia...................................... 84,446 87,108 97,247 104,397 112,975 112,937 107,620 101,899

New Zealand .............................. 10,658 9,211 10,437 8,745 7,698 7,524 6,758 6,169

All other ...................................... 573 4,221 4,683 1,064 1,171 1,715 1,850 2,026

Total other countries ................ 95,677 100,540 112,367 114,206 121,844 122,176 116,228 110,094

Total foreign countries .......... 3,962,530 4,403,060 4,510,432 4,594,967 4,387,162 4,334,506 4,232,061 3,988,935

International and regional orgs: 

International organizations......... 12,704 10,324 10,901 7,499 9,145 7,457 8,544 7,297

Regional organizations 5 ............ 1,451 1,685 9,684 4,244 4,467 4,167 3,111 3,574

Total international 

 and regional organizations ........ 14,155 12,009 20,585 11,743 13,612 11,624 11,655 10,871

 Grand total ........................... 3,976,685 4,415,069 4,531,017 4,606,710 4,400,774 4,346,130 4,243,716 3,999,806

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2012 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2012 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,329 3,211 3,194 130 3,064 17 118 101 17

Belgium.............................................. 7,816 6,985 5,226 4,322 904 1,759 831 461 370

Czech Republic ................................. 20 17 9 3 6 8 3 - 3

Denmark............................................ 3,505 665 478 253 225 187 2,840 2,811 29

Finland............................................... 29,555 28,324 28,229 28,194 35 95 1,232 1,219 13

France ............................................... 96,670 87,212 76,233 45,810 30,423 10,979 9,458 8,318 1,140

Germany............................................ 66,414 51,523 38,321 34,475 3,846 13,202 14,892 14,361 531

Greece............................................... 140 125 35 2 33 90 15 - 15

Hungary............................................. 390 251 216 100 116 35 139 - 139

Ireland................................................ 24,069 23,801 19,889 8,084 11,805 3,912 267 227 40

Italy .................................................... 6,072 5,009 3,598 3,054 544 1,411 1,063 145 918

Kazakhstan........................................ 169 169 164 45 119 5 - - -

Luxembourg ...................................... 23,128 21,645 18,536 2,236 16,300 3,109 1,482 1,408 74

Netherlands ....................................... 51,867 36,343 31,888 7,692 24,196 4,455 15,524 15,193 331

Norway .............................................. 14,329 2,735 2,626 2,113 513 109 11,594 11,022 572

Poland ............................................... 680 679 606 598 8 73 1 - 1

Portugal ............................................. 905 892 831 289 542 61 13 - 13

Romania ............................................ 315 116 101 30 71 15 199 - 199

Russia................................................ 1,166 1,160 1,125 873 252 35 6 - 6

Spain ................................................. 7,697 7,563 4,289 3,299 990 3,274 133 67 66

Sweden.............................................. 39,642 15,025 9,372 8,452 920 5,653 24,617 24,511 106

Switzerland........................................ 60,254 53,131 48,271 43,546 4,725 4,860 7,123 7,049 74

Turkey................................................ 5,900 5,863 4,957 4,087 870 906 37 22 15

United Kingdom................................. 1,204,144 1,116,177 981,792 698,710 283,082 134,385 87,967 82,307 5,660

Channel Islands .................................. 8,493 6,659 6,204 1,617 4,587 455 1,834 1,816 18

All other Europe ................................ 3,623 2,639 2,123 383 1,740 516 984 478 506

Total Europe ................................... 1,660,292 1,477,920 1,288,313 898,397 389,916 189,607 182,372 171,516 10,856

Memo: Euro Area 1 ......................... 318,861 273,229 230,532 137,721 92,811 42,697 45,632 41,861 3,771

Canada ................................................. 218,468 166,997 136,353 108,773 27,580 30,644 51,471 40,634 10,837

Latin America: 

Argentina ........................................... 5,709 5,692 5,525 1,194 4,331 167 17 15 2

Bolivia................................................ 145 145 136 3 133 9 - - -

Brazil.................................................. 82,028 81,368 79,369 47,619 31,750 1,999 660 586 74

Chile .................................................. 17,024 16,814 16,749 10,137 6,612 65 210 208 2

Colombia ........................................... 7,802 7,793 6,344 3,814 2,530 1,449 9 - 9

Costa Rica ........................................ 1,981 1,981 1,668 725 943 313 - - -

Ecuador............................................. 537 534 526 36 490 8 3 3 -

El Salvador ....................................... 554 554 553 353 200 1 - - -

Guatemala......................................... 2,327 2,327 2,077 1,222 855 250 - - -

Honduras .......................................... 536 534 533 311 222 1 2 2 -

Mexico ............................................... 32,972 31,942 28,731 8,321 20,410 3,211 1,030 25 1,005

Panama ............................................. 4,544 4,467 4,277 2,293 1,984 190 77 77 -

Peru ................................................... 6,620 6,605 6,585 2,733 3,852 20 15 15 -

Uruguay............................................. 1,872 1,789 1,747 54 1,693 42 83 2 81

Venezuela ......................................... 1,885 1,881 1,791 339 1,452 90 4 4 -

All other Latin America ..................... 699 696 686 254 432 10 3 3 -

Total Latin America......................... 167,235 165,122 157,297 79,408 77,889 7,825 2,113 940 1,173

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

September 2012 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2012, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 358,909 311,778 310,870 307,528 3,342 908 47,131 47,095 36

Bermuda............................................ 17,166 15,473 13,892 108 13,784 1,581 1,693 1,693 -

British Virgin Islands.......................... 15,036 14,991 11,835 43 11,792 3,156 45 45 -

Cayman Islands................................. 893,411 674,416 627,389 456,085 171,304 47,027 218,995 216,369 2,626

Dominican Republic .......................... 1,137 1,137 1,109 337 772 28 - - -

Jamaica ............................................. 668 668 584 226 358 84 - - -

Netherlands Antilles .......................... 2,125 2,120 2,025 624 1,401 95 5 2 3

Trinidad and Tobago ......................... 728 728 728 42 686 - - - -

All other Caribbean ........................... 16,275 16,273 13,570 351 13,219 2,703 2 - 2 

Total Caribbean .............................. 1,305,455 1,037,584 982,002 765,344 216,658 55,582 267,871 265,204 2,667 

Asia: 

China, Mainland ................................ 22,089 19,565 17,713 12,470 5,243 1,852 2,524 2,477 47

Hong Kong ........................................ 42,468 41,405 37,183 31,909 5,274 4,222 1,063 254 809 

India................................................... 19,245 18,163 17,114 12,847 4,267 1,049 1,082 1,027 55

Indonesia........................................... 2,290 2,200 2,123 1,868 255 77 90 28 62

Israel.................................................. 4,982 2,852 2,712 1,941 771 140 2,130 218 1,912 

Japan................................................. 335,425 309,320 292,833 221,574 71,259 16,487 26,105 18,250 7,855

Korea, South ..................................... 22,889 21,604 18,873 16,160 2,713 2,731 1,285 303 982

Malaysia ............................................ 5,952 545 351 193 158 194 5,407 2 5,405 

Pakistan............................................. 44 42 41 38 3 1 2 2 -

Philippines ......................................... 1,508 1,124 1,046 967 79 78 384 3 381

Singapore .......................................... 33,201 28,617 27,734 23,269 4,465 883 4,584 3,558 1,026 

Taiwan............................................... 3,681 3,570 3,250 2,858 392 320 111 5 106

Thailand............................................. 463 383 186 122 64 197 80 8 72

All other Asia ..................................... 23,188 22,466 21,914 17,697 4,217 552 722 509 213 

Total Asia ........................................ 517,425 471,856 443,073 343,913 99,160 28,783 45,569 26,644 18,925 

Africa: 

Egypt ................................................. 786 731 714 577 137 17 55 36 19

Ghana................................................ 249 241 241 230 11 - 8 8 - 

Liberia................................................ 1,221 1,221 1,134 2 1,132 87 - - -

Morocco............................................. 339 339 322 293 29 17 - - -

South Africa....................................... 1,281 1,115 1,033 779 254 82 166 5 161 

All other Africa ................................... 6,090 5,628 5,225 495 4,730 403 462 87 375 

Total Africa ..................................... 9,966 9,275 8,669 2,376 6,293 606 691 136 555 

Other countries: 

Australia............................................. 101,899 43,690 39,310 33,835 5,475 4,380 58,209 57,880 329 

New Zealand ..................................... 6,169 3,198 1,298 841 457 1,900 2,971 2,957 14

All other ............................................. 2,026 2,026 1,998 3 1,995 28 - - - 

Total other countries ....................... 110,094 48,914 42,606 34,679 7,927 6,308 61,180 60,837 343 

Total foreign countries ................. 3,988,935 3,377,668 3,058,313 2,232,890 825,423 319,355 611,267 565,911 45,356 

International and regional orgs: 

International organizations................ 7,297 4,042 4,037 - 4,037 5 3,255 3,245 10 

Regional organizations 2 .................... 3,574 2,581 2,540 - 2,540 41 993 973 20 

Total international and regional 

 organizations ................................ 10,871 6,623 6,577 - 6,577 46 4,248 4,218 30 

 Grand total .................................. 3,999,806 3,384,291 3,064,890 2,232,890 832,000 319,401 615,515 570,129 45,386

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2012 

64 

In March 2012, U.S. claims on foreigners reported by U.S. banks amounted to about $4.0 trillion, a decrease 

of $244 billion from that recorded at yearend 2011. U.S. banking claims include holdings of foreign short-term 

securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $257 billion in 

2009 and $555 billion in 2010. However, they decreased $287 billion in 2011. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial 

centers. Over 60 percent of these claims are reported opposite the United Kingdom and banking centers in the 

Caribbean. Although U.S. banking claims on most regions rose in 2009 and 2010, they fell during 2011 and early 

2012. The recent decline in claims against Europe reflects stress on European banks, while the decline in claims 

against the Caribbean may be partially attributable to regulatory changes affecting the incentives for offshore 

positions. Although U.S. claims accounted for by “All other countries” steadily increased through 2011, they fell 

in the first quarter of 2012. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2008 2009 2010 2011 Mar. 2012 

United Kingdom ........................... 1,016,448 1,155,891 1,325,525 1,269,437 1,204,144

All other Europe ........................... 816,342 775,694 665,292 484,504 456,148

Caribbean banking centers 1 ....... 1,390,009 1,370,044 1,591,870 1,407,223 1,291,191

Japan ........................................... 101,218 185,928 289,439 359,898 335,425

All other Asia ................................ 66,572 97,448 145,901 184,672 182,000

Subtotal ...................................... 3,390,589 3,585,005 4,018,027 3,705,734 3,468,908

All other countries ........................ 328,604 391,680 512,990 537,982 530,898

Grand total ................................. 3,719,193 3,976,685 4,531,017 4,243,716 3,999,806

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 
CAPITAL MOVEMENTS 

September 2012 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-III-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of liability or claim 

Calendar year 2011 2012 

2008 2009 2010 Mar. June Sept. r Dec. Mar. p

Total liabilities ................................................... 87,630 79,272 78,876 77,919 79,149 88,412 83,638 84,393 

Payable in dollars .......................................... 69,124 58,595 63,764 64,144 64,886 76,443 71,909 71,675 

Financial .................................................... 18,650 12,986 12,225 13,864 14,323 15,156 12,279 11,712 

Short-term negotiable securities ........... 2,740 1,300 902 933 1,715 831 936 1,430 

Other ..................................................... 15,910 11,686 11,323 12,931 12,608 14,325 11,343 10,282 

Commercial ............................................... 50,474 45,609 51,539 50,280 50,563 61,287 59,630 59,963 

Trade payables ..................................... 18,811 21,000 27,087 26,318 26,213 32,684 30,452 28,735 

Advance receipts and other .................. 31,663 24,609 24,452 23,962 24,350 28,603 29,178 31,228 

Payable in foreign currencies ....................... 18,506 20,677 15,112 13,775 14,263 11,969 11,729 12,718 

By major foreign currency: 

Canadian dollars ................................... 2,235 3,709 3,456 3,509 4,318 2,980 2,705 2,826 

Euros ..................................................... 6,487 5,276 4,742 4,337 4,485 4,263 3,754 4,182 

United Kingdom pounds sterling ........... 1,361 1,431 1,241 1,379 1,387 1,177 1,133 1,105 

Japanese yen ........................................ 962 926 1,645 1,326 1,307 1,242 1,124 1,127 

Other ..................................................... 7,461 9,335 4,028 3,224 2,766 2,307 3,013 3,478 

By type of liability: 

Financial ................................................ 15,632 16,914 9,966 8,598 9,016 7,028 6,757 7,321 

Short-term negotiable securities ....... 2,108 1,264 633 501 318 335 453 504 

Other ................................................. 13,524 15,650 9,333 8,097 8,698 6,693 6,304 6,817 

Commercial ........................................... 2,874 3,763 5,146 5,177 5,247 4,941 4,972 5,397 

Trade payables ................................. 1,334 1,318 1,889 2,185 1,998 2,178 1,817 2,292 

Advance receipts and other .............. 1,540 2,445 3,257 2,992 3,249 2,763 3,155 3,105 

Total claims ....................................................... 107,476 102,138 104,801 90,924 92,637 94,112 96,387 88,050 

Payable in dollars .......................................... 83,810 77,184 79,433 74,319 71,715 77,890 79,306 70,496 

Financial .................................................... 43,223 35,654 31,947 32,311 29,678 27,607 28,828 24,722 

Non-negotiable deposits ....................... 12,539 9,042 10,684 9,225 8,109 8,780 8,521 6,648 

Negotiable CDs and short-term 

negotiable instruments .......................... 1,133 7,082 6,525 5,763 3,098 1,149 2,165 1,432 

Other ..................................................... 29,551 19,530 14,738 17,323 18,471 17,678 18,142 16,642 

Commercial ............................................... 40,587 41,530 47,486 42,008 42,037 50,283 50,478 45,774 

Trade receivables ................................. 31,161 29,196 35,109 32,075 31,943 39,214 40,064 34,795 

Advance payments and other ............... 9,426 12,334 12,377 9,933 10,094 11,069 10,414 10,979 

Payable in foreign currencies ....................... 23,666 24,954 25,368 16,605 20,922 16,222 17,081 17,554 

By major foreign currency: 

Canadian dollars ................................... 2,409 2,519 3,661 3,731 3,683 3,179 2,981 3,058 

Euros ..................................................... 5,140 8,838 8,825 3,952 4,303 4,050 3,308 4,048 

United Kingdom pounds sterling ........... 1,922 1,738 3,088 2,533 2,518 2,338 2,488 3,194 

Japanese yen ........................................ 451 1,795 3,279 1,256 4,684 1,094 2,101 1,532 

Other ..................................................... 13,744 10,064 6,515 5,133 5,734 5,561 6,203 5,722 

By type of claim: 

Financial ................................................ 19,851 21,405 21,776 12,361 16,961 12,178 12,703 13,084 

Non-negotiable deposits ................... 1,968 2,139 1,377 1,418 1,891 1,655 1,580 1,691 

Short-term negotiable securities ....... 86 7,462 10,475 1,087 4,939 1,045 1,489 872 

Other ................................................. 17,797 11,804 9,924 9,856 10,131 9,478 9,634 10,521 

Commercial ........................................... 3,815 3,549 3,592 4,244 3,961 4,044 4,378 4,470 

Trade receivables ............................. 3,595 3,334 3,268 3,705 3,310 3,515 3,959 3,900 

Advance payments and other ........... 220 215 324 539 651 529 419 570 
CAPITAL MOVEMENTS 

September 2012 

66 

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012

2007 2008 2009 2010 Mar. June Sept. r Dec. Mar. p

Europe: 

Austria ................................ 230 95 78 113 166 114 77 76 72

Belgium .............................. 492 427 201 258 210 240 262 309 314

Bulgaria .............................. 36 1 - - - - 1 - 3

Czech Republic .................. 25 45 44 32 32 33 31 32 59

Denmark ............................. 937 161 140 177 196 105 165 204 90

Finland ............................... 63 79 521 105 70 111 104 122 101

France ................................ 3,165 4,801 3,004 2,968 2,548 2,523 2,894 2,903 2,725

Germany ............................ 4,977 3,746 5,428 4,563 3,823 3,881 4,727 4,566 4,615

Greece ............................... 187 241 232 273 245 267 248 229 246

Hungary .............................. 46 30 16 58 60 66 82 86 51

Ireland ................................ 1,569 2,067 2,725 1,532 1,333 1,505 1,364 1,714 1,313

Italy ..................................... 1,196 509 509 463 473 440 573 796 490

Luxembourg ....................... 235 837 503 373 397 336 303 402 278

Netherlands ........................ 1,194 1,728 882 731 637 882 1,346 1,765 1,097

Norway ............................... 721 385 472 870 890 659 906 1,015 1,167

Poland ................................ 385 269 201 151 133 125 128 123 144

Portugal .............................. 205 35 25 26 19 26 19 16 36

Romania ............................. 6 71 11 15 14 8 16 11 19

Russia ................................ 306 524 297 714 428 565 932 847 1,125

Serbia and Montenegro 

(formerly Yugoslavia) ..... 3 6 - 2 3 5 3 4 4

Spain .................................. 533 816 502 363 457 483 389 364 455

Sweden .............................. 438 274 446 1,345 1,371 1,369 1,344 1,237 1,210

Switzerland ........................ 1,705 2,333 2,444 2,357 2,254 2,017 1,888 2,378 2,347

Turkey ................................ 754 709 1,619 1,358 886 773 789 748 795

United Kingdom ................. 23,350 14,916 10,428 10,150 9,437 10,949 14,971 11,125 10,660

Channel Islands and 

Isle of Man ..................... 208 95 84 70 60 60 126 124 122

Other Europe ..................... 539 435 524 484 660 573 788 638 813

Total Europe .................. 43,505 35,635 31,336 29,551 26,802 28,115 34,476 31,834 30,351

Canada ................................... 7,767 5,960 6,199 8,800 11,323 10,313 11,914 9,750 10,313

Latin America: 

Argentina ............................ 156 89 68 110 178 75 94 76 59

Brazil .................................. 940 626 587 734 791 987 1,111 1,072 1,077

Chile ................................... 546 353 318 553 573 690 604 548 639

Colombia ............................ 356 332 385 550 393 393 518 452 471

Ecuador .............................. 33 30 13 28 70 28 119 23 60

Guatemala ......................... 10 8 6 5 9 9 10 12 16

Mexico ................................ 2,848 1,579 2,088 3,121 3,095 3,452 3,176 2,926 2,831

Panama .............................. 85 166 330 221 188 239 267 332 305

Peru .................................... 36 34 32 99 94 114 33 63 57

Uruguay .............................. 20 12 13 55 5 59 19 12 6

Venezuela .......................... 575 413 190 726 869 660 930 450 640

Other Latin America ........... 106 50 74 34 71 64 98 113 91

Total Latin America ........... 5,711 3,692 4,104 6,236 6,336 6,770 6,979 6,079 6,252

Caribbean: 

Bahamas ............................ 89 52 85 103 13 15 100 50 90

Bermuda ................................. 707 723 1,706 1,069 829 847 700 764 539

Cayman Islands ................. 15,969 10,354 8,348 2,175 1,908 1,750 864 668 772

Cuba ................................... - - 8 1 1 - - - -

Jamaica .............................. 18 37 15 13 12 14 21 10 11

Netherlands Antilles ........... 4 6 3 8 3 6 92 2 2

Trinidad and Tobago .......... 74 60 45 19 24 70 72 57 60

Other Caribbean ................ 803 444 362 1,057 1,561 730 1,788 1,717 1,021

Total Caribbean ............. 17,664 11,676 10,572 4,445 4,351 3,432 3,637 3,268 2,495

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2012 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012

2007 2008 2009 2010 Mar. June Sept. r Dec. Mar. p

Asia: 

China, Mainland. ...................... 857 4,769 3,956 4,346 4,754 4,577 6,028 5,834 6,769

Hong Kong ............................... 981 593 689 1,147 1,326 1,225 1,380 806 1,366

India .......................................... 1,447 1,082 761 818 870 829 805 682 701

Indonesia .................................. 172 366 381 424 455 544 554 521 468

Israel ......................................... 293 292 336 205 130 147 151 96 149

Japan ........................................ 6,888 6,190 6,072 6,544 6,397 6,046 6,562 6,526 6,921

Korea, South ............................ 1,213 1,314 919 1,169 1,112 1,303 1,276 1,379 1,346

Lebanon ................................... 9 15 8 7 7 7 10 5 7

Malaysia ................................... 562 363 311 347 384 451 468 469 695

Pakistan .................................... 172 28 25 67 64 47 25 50 37

Philippines ................................ 89 107 86 100 124 162 188 210 267

Singapore ................................. 4,255 3,767 1,872 1,447 1,311 1,356 1,270 1,476 2,247

Syria ......................................... 8 3 1 - - 6 1 1 1

Taiwan ...................................... 1,019 722 483 360 394 435 491 367 408

Thailand .................................... 380 295 432 403 336 394 363 278 502

Oil-exporting countries 1 ........... 7,158 6,378 6,700 8,567 7,788 8,889 8,254 10,688 9,220

Other Asia ................................ 377 460 305 423 407 538 580 612 696

Total Asia ............................. 25,880 26,744 23,337 26,374 25,859 26,956 28,406 30,000 31,800

Africa: 

Congo (formerly Zaire) ............. - - 8 - - - - - -

Egypt ........................................ 280 293 192 111 119 71 115 106 128

Ghana ....................................... 12 5 3 2 4 6 6 3 5

Liberia ....................................... 6 64 61 52 53 52 46 57 48

Morocco .................................... 190 112 118 89 121 89 117 161 153

South Africa .............................. 52 256 283 67 107 145 78 134 241

Oil-exporting countries 2 ........... 655 764 984 799 741 780 647 430 769

Other Africa .............................. 294 341 541 693 653 894 609 591 572

Total Africa ........................... 1,489 1,835 2,190 1,813 1,798 2,037 1,618 1,482 1,916

Other countries: 

Australia ................................... 1,658 1,925 1,228 1,241 1,069 1,165 1,027 961 1,014

New Zealand ............................ 91 92 179 279 198 201 186 114 72

All other .................................... 25 30 25 23 6 15 24 9 30

Total other countries ............ 1,774 2,047 1,432 1,543 1,273 1,381 1,237 1,084 1,116

Total foreign countries ..... 103,790 87,589 79,170 78,762 77,742 79,004 88,267 83,497 84,243

International and regional orgs: 

International organizations ....... 2 7 71 109 107 130 141 137 141

Regional organizations 3 .......... 43 34 31 5 70 15 4 4 9

Total international and 

regional organizations ...... 45 41 102 114 177 145 145 141 150

Grand total ....................... 103,835 87,630 79,272 78,876 77,919 79,149 88,412 83,638 84,393

1

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2

 Includes Algeria, Gabon, Libya, and Nigeria. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2012 

68 

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012

2007 2008 2009 2010 Mar. June Sept. r Dec. Mar. p

Europe: 

Austria .......................................... 2,039 1,951 1,832 1,789 1,775 1,616 1,632 1,602 1,568

Belgium ........................................ 807 393 365 503 410 449 386 402 400

Bulgaria ........................................ 6 6 7 16 9 12 21 16 18

Czech Republic ............................ 134 85 107 131 111 123 90 63 129

Denmark ....................................... 184 74 272 210 114 129 128 190 133

Finland ......................................... 805 541 1,801 1,469 39 41 41 61 72

France .......................................... 6,061 2,736 3,184 2,496 2,753 2,989 3,182 3,085 3,251

Germany ...................................... 4,926 8,621 4,151 5,073 5,226 4,719 5,750 5,289 4,085

Greece ......................................... 250 192 193 223 154 164 202 182 176

Hungary ........................................ 153 95 197 83 81 150 264 380 335

Ireland .......................................... 968 1,814 1,252 791 910 817 801 910 583

Italy ............................................... 2,515 1,195 1,981 1,778 1,577 1,404 1,459 1,279 1,530

Luxembourg ................................. 919 183 188 177 221 201 201 178 182

Netherlands .................................. 3,989 2,092 2,783 2,304 2,346 2,436 2,621 2,495 2,300

Norway ......................................... 325 271 257 185 209 274 247 250 182

Poland .......................................... 153 132 239 277 341 284 237 255 286

Portugal ........................................ 89 76 67 53 39 49 37 35 67

Romania ....................................... 60 54 96 132 129 117 118 113 103

Russia .......................................... 1,326 694 547 506 511 559 534 1,483 438

Serbia and Montenegro 

(formerly Yugoslavia) ............... 15 14 17 13 8 10 11 7 7

Spain ............................................ 1,625 1,072 967 712 1,197 1,174 1,288 1,298 852

Sweden ........................................ 689 450 311 516 575 476 492 523 538

Switzerland .................................. 2,143 1,788 1,723 1,726 1,728 1,400 1,147 1,366 1,589

Turkey .......................................... 732 593 667 677 456 599 530 815 530

United Kingdom ........................... 23,662 17,983 25,389 20,162 15,446 20,498 18,573 17,007 14,844

Channel Islands and 

Isle of Man ............................... 109 419 541 100 116 147 438 424 319

Other Europe ............................... 1,465 1,107 433 422 481 480 1,107 1,108 1,213

Total Europe ............................ 56,149 44,631 49,567 42,524 36,963 41,318 41,538 40,817 35,731

Canada ............................................. 16,418 10,551 10,474 14,233 11,179 10,389 11,534 12,378 12,256

Latin America: 

Argentina ...................................... 463 473 513 581 449 485 438 449 378

Brazil ............................................ 2,682 2,365 2,003 2,424 2,133 2,236 2,154 2,251 2,211

Chile ............................................. 404 540 362 454 508 584 570 495 564

Colombia ...................................... 449 429 411 455 487 542 477 324 443

Ecuador ........................................ 160 173 146 173 170 165 143 129 80

Guatemala ................................... 200 180 134 115 107 115 84 98 69

Mexico .......................................... 3,505 3,089 3,082 4,830 4,779 4,801 4,714 4,475 4,717

Panama ........................................ 323 408 340 330 359 388 357 344 419

Peru .............................................. 196 270 194 319 209 264 327 230 312

Uruguay ........................................ 33 106 68 148 129 176 120 72 164

Venezuela .................................... 669 657 479 412 407 411 517 461 486

Other Latin America ..................... 431 435 336 319 284 339 359 394 321

Total Latin America ...................... 9,515 9,125 8,068 10,560 10,021 10,506 10,260 9,722 10,164

Caribbean: 

Bahamas ...................................... 2,200 353 302 164 229 139 357 545 304

Bermuda ............................................ 1,704 1,722 3,567 1,449 1,285 1,433 1,359 1,287 1,063

Cayman Islands ........................... 16,987 19,513 6,908 8,416 6,383 5,226 4,253 5,319 2,898

Cuba ............................................. 10 - - 2 1 - - - -

Jamaica ........................................ 106 79 64 58 53 30 39 48 24

Netherlands Antilles ..................... 118 112 52 178 75 30 72 66 82

Trinidad and Tobago .................... 172 111 83 42 32 67 99 46 57

Other Caribbean .......................... 1,518 1,013 1,188 1,061 1,015 715 1,713 1,504 1,039

Total Caribbean ....................... 22,815 22,903 12,164 11,370 9,073 7,640 7,892 8,815 5,467

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2012 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2007 2008 2009 2010 Mar. June Sept. r Dec. Mar. p

Asia: 

China, Mainland. ....................... 1,913 1,455 1,737 2,278 2,081 2,463 2,225 2,468 2,537

Hong Kong ................................ 8,762 809 943 1,491 1,280 1,152 1,213 1,090 1,523

India .......................................... 812 695 779 997 949 1,396 1,785 1,703 1,672

Indonesia................................... 206 273 354 362 449 414 414 323 283

Israel ......................................... 601 635 456 284 277 296 315 229 298

Japan ........................................ 5,518 4,578 2,513 4,372 2,442 2,940 2,531 4,920 3,440

Korea, South ............................. 1,272 980 2,312 1,986 2,258 2,189 2,316 1,850 1,507

Lebanon .................................... 19 44 19 29 10 13 11 13 13

Malaysia .................................... 362 275 215 245 154 190 179 188 294

Pakistan .................................... 115 33 38 33 39 33 106 75 35

Philippines ................................. 109 63 81 126 122 117 115 120 125

Singapore .................................. 2,809 1,448 2,991 3,532 5,239 2,909 2,955 3,097 3,367

Syria .......................................... 1 12 11 15 13 50 18 34 34

Taiwan ....................................... 1,240 976 966 1,025 914 1,067 1,126 1,021 1,549

Thailand .................................... 416 330 336 250 198 258 204 179 213

Oil-exporting countries 1 ............ 2,552 3,392 2,601 4,035 3,096 3,102 3,000 2,844 3,326

Other Asia ................................. 513 179 230 307 273 321 298 289 284

Total Asia .............................. 27,220 16,177 16,582 21,367 19,794 18,910 18,811 20,443 20,500

Africa: 

Congo (formerly Zaire) .............. 6 5 15 2 1 - 1 - -

Egypt ......................................... 296 362 228 219 133 174 169 238 144

Ghana ....................................... 8 7 6 14 18 13 9 12 7

Liberia ....................................... 54 54 55 37 36 3 3 2 -

Morocco .................................... 21 24 10 15 28 28 24 31 18

South Africa .............................. 254 356 374 403 352 356 331 373 377

Oil-exporting countries 2 ............ 350 300 260 270 212 342 195 305 280

Other Africa ............................... 400 495 498 383 328 331 342 541 278

Total Africa ............................ 1,389 1,603 1,446 1,343 1,108 1,247 1,074 1,502 1,104

Other countries: 

Australia .................................... 2,467 2,194 3,655 3,246 2,624 2,471 2,712 2,482 2,499

New Zealand ............................. 145 72 100 90 75 91 102 60 63

All other ..................................... 37 13 7 24 20 14 20 31 22

Total other countries ............. 2,649 2,279 3,762 3,360 2,719 2,576 2,834 2,573 2,584

Total foreign countries ...... 136,155 107,269 102,063 104,757 90,857 92,586 93,943 96,250 87,806

International and regional orgs: 

International organizations ........ 150 21 49 37 56 39 39 35 62

Regional organizations 3 ........... 111 186 26 7 11 12 130 102 182

Total international and 

regional organizations ........... 261 207 75 44 67 51 169 137 244

Grand total .................... 136,416 107,476 102,138 104,801 90,924 92,637 94,112 96,387 88,050

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2012 

70 

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2012, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

 

Europe: 

Austria ............................................... 72 41 31 1,568 1,504 64 

Belgium ............................................ 314 59 255 400 177 223 

Bulgaria ............................................ 3 - 3 18 - 18 

Czech Republic ................................ 59 - 59 129 5 124 

Denmark ........................................... 90 1 89 133 63 70 

Finland .............................................. 101 14 87 72 41 31 

France .............................................. 2,725 1,446 1,279 3,251 1,890 1,361 

Germany........................................... 4,615 2,712 1,903 4,085 2,480 1,605 

Greece .............................................. 246 5 241 176 82 94 

Hungary ............................................ 51 1 50 335 1 334 

Ireland .............................................. 1,313 364 949 583 338 245 

Italy ................................................... 490 - 490 1,530 319 1,211 

Luxembourg ..................................... 278 89 189 182 111 71 

Netherlands ...................................... 1,097 65 1,032 2,300 1,308 992 

Norway ............................................. 1,167 163 1,004 182 38 144 

Poland .............................................. 144 3 141 286 53 233 

Portugal ............................................ 36 5 31 67 - 67 

Romania ........................................... 19 1 18 103 23 80 

Russia .............................................. 1,125 19 1,106 438 193 245 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 4 - 4 7 - 7 

Spain ................................................ 455 98 357 852 298 554 

Sweden ............................................ 1,210 847 363 538 289 249 

Switzerland ....................................... 2,347 101 2,246 1,589 494 1,095 

Turkey .............................................. 795 35 760 530 332 198 

United Kingdom ................................ 10,660 6,339 4,321 14,844 10,036 4,808 

Channel Islands and 

Isle of Man .................................... 122 107 15 319 297 22 

Other Europe .................................... 813 105 708 1,213 970 243 

Total Europe ................................. 30,351 12,620 17,731 35,731 21,343 14,388 

Canada ................................................. 10,313 3,363 6,950 12,256 6,578 5,678 

Latin America: 

Argentina .......................................... 59 6 53 378 48 330 

Brazil ................................................ 1,077 29 1,048 2,211 901 1,310 

Chile ................................................. 639 21 618 564 114 450 

Colombia .......................................... 471 1 470 443 12 431 

Ecuador ............................................ 60 4 56 80 21 59 

Guatemala ........................................ 16 - 16 69 25 44 

Mexico .............................................. 2,831 33 2,798 4,717 1,582 3,135 

Panama ............................................ 305 15 290 419 190 229 

Peru .................................................. 57 - 57 312 9 303 

Uruguay ............................................ 6 - 6 164 2 162 

Venezuela ........................................ 640 31 609 486 56 430 

Other Latin America ......................... 91 12 79 321 64 257 

Total Latin America .......................... 6,252 152 6,100 10,164 3,024 7,140 

Caribbean: 

Bahamas .......................................... 90 15 75 304 295 9 

Bermuda................................................ 539 - 539 1,063 165 898 

Cayman Islands .................................. 772 459 313 2,898 2,444 454 

Cuba ................................................. - - - - - - 

Jamaica ............................................ 11 - 11 24 1 23 

Netherlands Antilles ......................... 2 - 2 82 25 57 

Trinidad and Tobago ........................ 60 8 52 57 - 57 

Other Caribbean ............................... 1,021 24 997 1,039 99 940 

Total Caribbean ............................ 2,495 506 1,989 5,467 3,029 2,438 

See footnote at end of table. 
CAPITAL MOVEMENTS 

September 2012 

71

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2012, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 6,769 132 6,637 2,537 165 2,372 

Hong Kong ........................................ 1,366 51 1,315 1,523 108 1,415 

India ................................................... 701 96 605 1,672 177 1,495 

Indonesia ........................................... 468 14 454 283 113 170 

Israel .................................................. 149 3 146 298 17 281 

Japan ................................................. 6,921 1,562 5,359 3,440 358 3,082 

Korea, South ..................................... 1,346 4 1,342 1,507 122 1,385 

Lebanon ............................................ 7 - 7 13 2 11 

Malaysia ............................................ 695 10 685 294 11 283 

Pakistan ............................................. 37 3 34 35 2 33 

Philippines ......................................... 267 1 266 125 48 77 

Singapore .......................................... 2,247 74 2,173 3,367 103 3,264 

Syria .................................................. 1 - 1 34 - 34 

Taiwan ............................................... 408 3 405 1,549 10 1,539 

Thailand ............................................. 502 48 454 213 7 206 

Other Asia ......................................... 696 44 652 284 37 247 

Total Asia ........................................ 31,800 2,140 29,660 20,500 1,472 19,028 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - 

Egypt ................................................. 128 2 126 144 5 139 

Ghana ................................................ 5 2 3 7 6 1 

Liberia ................................................ 48 42 6 - - - 

Morocco ............................................. 153 1 152 18 1 17 

South Africa ....................................... 241 5 236 377 218 159 

Other Africa ....................................... 572 30 542 278 123 155 

Total Africa .................................... 1,916 100 1,816 1,104 386 718 

Other countries: 

Australia ............................................ 1,014 141 873 2,499 1,902 597 

New Zealand ..................................... 72 9 63 63 3 60 

All other ............................................. 30 2 28 22 - 22 

Total other countries ..................... 1,116 152 964 2,584 1,905 679 

Total foreign countries .............. 84,243 19,033 65,210 87,806 37,737 50,069 

International and regional orgs: 

International organizations ................ 141 - 141 62 - 62 

 Regional organizations 1 .................. 9 - 9 182 69 113 

Total international and 

regional organizations ............... 150 - 150 244 69 175 

Grand total ................................ 84,393 19,033 65,360 88,050 37,806 50,244 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2012 

72

SECTION IV.—U.S. International Transactions in Long-Term Securities 

TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 r ....................................... 432,571 144,155 276,867 11,549 17,969,880 17,537,309 80,904 1,132,565 1,051,661 

2012 - Jan. - June p ................. 248,951 136,794 111,405 752 8,188,665 7,939,714 11,564 708,354 696,790 

 

2011 - June r ............................ 1,891 11,283 -10,033 641 1,712,467 1,710,576 -235 82,590 82,825 

July r ............................. 15,317 14,166 994 157 1,323,450 1,308,133 7,781 92,031 84,250 

Aug. r ............................ 67,033 -9,679 77,039 -327 2,117,210 2,050,177 7,693 98,874 91,181 

Sept. r ........................... 94,369 38,425 57,152 -1,208 1,523,075 1,428,706 6,439 121,204 114,765 

Oct. r ............................. 21,531 -5,972 24,813 2,690 1,375,852 1,354,321 4,710 101,249 96,539 

Nov. r ............................ 60,789 23,666 34,867 2,256 1,364,802 1,304,013 6,168 108,975 102,807 

Dec. r ............................ -13,113 -20,277 5,291 1,873 961,287 974,400 27,215 104,558 77,343 

2012 - Jan. r ............................. 90,887 33,073 55,317 2,497 1,387,356 1,296,469 9,603 104,113 94,510 

Feb ............................... 20,951 11,082 11,313 -1,444 1,456,264 1,435,313 10,119 97,590 87,471 

Mar ............................... 20,094 33,883 -18,620 4,831 1,386,005 1,365,911 -6,693 104,328 111,021 

Apr ................................ 38,681 16,738 23,210 -1,267 1,390,098 1,351,417 -13,270 115,396 128,666 

May p ............................ 45,889 20,767 28,592 -3,470 1,370,776 1,324,887 12,409 141,707 129,298 

June p ........................... 32,449 21,251 11,593 -395 1,198,166 1,165,717 -604 145,220 145,824 

Calendar 

year or month 

Corporate and other securities 

Bonds * Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 .............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 .............................................................................. -45,175 996,101 1,041,276 25,075 7,720,283 7,695,208 

2012 - Jan. - June p ...................................................... -37,460 483,630 521,090 16,604 3,543,238 3,526,634 

 

2011 - June ................................................................... -12,478 113,603 126,081 3,793 665,514 661,721 

July. ................................................................... 1,878 77,458 75,580 -1,078 606,495 607,573 

Aug .................................................................... 801 84,324 83,523 -6,520 901,462 907,982 

Sept ................................................................... -4,936 63,763 68,699 -19,398 635,626 655,024 

Oct ..................................................................... -10,577 60,752 71,329 2,752 634,396 631,644 

Nov .................................................................... 4,835 72,086 67,251 -7,144 575,840 582,984 

Dec .................................................................... -20,714 54,533 75,247 -10,968 531,589 542,557 

2012 - Jan ..................................................................... -1,317 79,539 80,856 3,470 542,304 538,834 

Feb .................................................................... -8,035 91,935 99,970 7,769 584,452 576,683 

Mar .................................................................... 1,549 98,486 96,937 6,950 631,852 624,902 

Apr ..................................................................... 668 69,573 68,905 1,827 563,228 561,401 

May p..... ........................................................... -8,243 80,452 88,695 891 651,668 650,777 

June p ................................................................ -22,082 63,645 85,727 -4,303 569,734 574,037 

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

September 2012 

73

TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

Net foreign

purchases from

U.S. 

(2) 

Gross foreign

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021 

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861 

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263 

2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186 

2012 - Jan. - June p.............................. 14,267 46,838 1,921,602 1,874,764 -32,571 1,790,623 1,823,194 

2011 - June ........................................... 9,289 7,648 355,659 348,011 1,641 342,525 340,884 

July ............................................ -21,913 -5,974 283,980 289,954 -15,939 306,699 322,638 

Aug ............................................ -11,081 -7,923 250,806 258,729 -3,158 380,262 383,420 

Sept ........................................... -36 -2,028 260,216 262,244 1,992 315,014 313,022 

Oct ............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653 

Nov ............................................ 3,321 1,969 299,820 297,851 1,352 288,295 286,943 

Dec ............................................ 38,488 28,168 256,131 227,963 10,320 287,238 276,918 

2012 - Jan ............................................. 6,696 11,129 296,888 285,759 -4,433 276,396 280,829 

Feb. ........................................... -14,620 -8,700 310,597 319,297 -5,920 317,962 323,882 

Mar ............................................ 14,094 16,953 363,287 346,334 -2,859 336,341 339,200 

Apr ............................................. -716 2,470 300,119 297,649 -3,186 296,637 299,823 

May p ........................................ 4,945 14,412 329,756 315,344 -9,467 297,895 307,362 

June p ....................................... 3,868 10,574 320,955 310,381 -6,706 265,392 272,098 

 
CAPITAL MOVEMENTS 

September 2012 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2011 r 

 (1) 

2012 

Calendar

year 

2011 

(4) 

2012

 Calendar

 year 

 2011 

 (7) 

2012

Calendar 

year 

2011 

(10) 

2012

 Jan. 

 through 

 June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

Jan.

 through

June 

 (5) 

 Apr.

 through

 June p 

 (6) 

Jan.

 through

June 

 (8) 

 Apr. 

 through 

 June p 

 (9) 

Jan.

 through

June 

(11) 

Apr.

through

 June p

 (12) 

Europe: 

Austria ............................. 71 211 256 130 24 2 1 102 10 -8 -167 -198

Belgium ........................... -533 -2,178 -1,657 -329 -26 -39 -17,867 -11,438 -6,479 -3,973 -222 -462

Bulgaria ........................... 209 56 93 - - - -4 - - -31 1 -2

Cyprus ............................ -153 11 16 -25 5 - -23 -14 -11 20 988 956

Czech Republic ............... 48 190 42 - - - 26 -20 -10 -391 -148 -37

Denmark ......................... 587 -1,674 -1,549 6 31 19 -433 167 198 736 161 -250

Finland ............................ 25 324 203 87 -66 -69 -135 -333 -294 658 -44 -298

France ............................. 84,481 40,581 29,637 8,284 781 -273 -9,133 -3,832 -1,464 -26,557 3,676 -2,653

Germany ......................... 4,304 8,044 4,786 205 -635 -516 -3,833 -3,197 -2,147 2,118 -3,996 -2,031

Greece ............................ -108 47 38 -65 -7 -1 33 -4 -10 -122 -102 -5

Hungary .......................... 43 274 155 -77 20 10 62 -43 -25 -97 -109 -101

Ireland ............................. -11,611 -11,243 -3,044 -4,656 -6,159 -2,760 -1,612 -1,585 -796 79 5,791 5,790

Italy ................................. 881 1,009 793 -334 -9 -32 -169 -96 -166 1,718 -1,710 -786

Kazakhstan ..................... 1,874 429 744 -44 - - -55 15 13 2 -59 -62

Luxembourg .................... -10,313 -29,152 -15,925 -15,723 566 4,779 -1,388 8,622 3,312 -1,570 -762 -134

Monaco ........................... 135 -125 75 -11 -69 -73 -116 27 47 -269 256 -9

Netherlands .................... 174 -553 -471 460 -239 -121 -2,828 -505 -311 -2,155 -2,228 -2,265

Norway ............................ 5,190 3,452 -376 -1,868 -712 -131 -4,562 -477 -176 3,247 729 208

Poland ............................. 1,847 -610 1,283 735 942 - 338 324 224 -117 -63 -54

Portugal .......................... -2 348 267 -5 -14 -2 -18 -27 -9 -854 -81 -27

Romania ......................... 332 -2,026 -1,644 - - - - -- -9 -7 -1

Russia ............................. -26,321 -12,930 -5,162 78 112 72 129 40 45 18 -61 -4

Serbia and Montenegro ..... -173 -126 -86 -10 - - - -- -1 - -

Spain............................... 5,596 677 1,277 -19 -146 -47 -597 -123 -115 -828 -770 -279

Sweden ........................... 3,750 -3,216 -2,269 -556 -199 -28 -3,037 -2,014 -212 -3,640 -56 -242

Switzerland ..................... 6,224 19,050 11,648 292 293 204 325 311 -589 -4,271 2,436 3,015

Turkey ............................. 4,874 -2,767 -1,461 - -1 -1 70 -9 -9 -42 -16 11

Ukraine ........................... -652 276 244 -55 1 - -86 -12 -8 -8 112 -4

United Kingdom .............. 156,940 75,984 58,318 -3,012 -5,419 -5,179 -23,670 -29,826 -20,942 3,037 15,087 5,059

Channel Islands .............. 1,648 -1,188 313 190 -438 -4 -2,737 -567 -240 863 -386 -579

All other Europe .............. 196 -312 -325 695 -141 18 222 -48 -49 47 209 134

Total Europe ............... 229,563 82,864 76,219 -15,628 -11,504 -4,174 -71,096 -44,562 -30,213 -32,400 18,459 4,690

Memo: Euro Area 1 ..... 72,702 8,041 16,033 -12,002 -5,922 922 -37,638 -12,452 -8,498 -31,506 646 -2,279

Memo: European 

 Union 2 ..................... 236,453 77,041 70,447 -14,911 -10,564 -4,255 -64,420 -43,922 -29,311 -32,055 15,523 2,108

Canada ............................... 17,668 25,189 7,150 3,543 -1,791 46 -1,427 -2,185 3,616 14,065 5,365 2,387

Latin America: 

Argentina ........................ -74 -13 -21 15 8 5 -40 201 153 -100 -82 111

Brazil ............................... 47,408 4,251 -375 1,289 2,474 1,560 345 -203 37 -88 498 -75

Chile ............................... 12,823 -1,250 497 256 46 -28 579 141 -16 -981 -483 -132

Colombia ......................... 8,837 3,839 428 176 30 -394 -325 -211 -146 -45 -213 28

Ecuador .......................... -59 -31 -24 124 -82 18 -2 21 11 -3 -57 -4

Costa Rica ...................... 968 700 378 116 191 -53 -20 10 -5 42 -15 1

Guatemala ...................... 221 157 148 -17 -1 -1 -11 16 5 -4 -13 6

Mexico ............................ -4,524 15,146 9,146 10,418 -182 -1,577 530 -1,114 -1,335 1,554 1,305 750

Panama .......................... -188 -50 -55 486 172 77 -57 -160 -52 361 -167 49

Peru ................................ -33 2,640 1,558 650 508 499 216 -249 -141 349 106 40

Uruguay .......................... 1,688 1,763 590 -366 276 72 123 127 55 61 -69 -122

Venezuela ....................... -56 -460 -500 63 40 15 531 468 118 325 63 117

All other Latin America ..... -133 112 -116 732 365 169 417 102 60 1 -31 -4

Total Latin America ..... 66,878 26,804 11,654 13,942 3,845 362 2,286 -851 -1,256 1,472 842 765

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2012 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2011 r 

(1) 

2012 

Calendar

year 

2011 

(4) 

2012

Calendar 

year 

2011 

(7) 

2012 

Calendar 

year 

2011 

(10) 

2012

 Jan. 

 through 

 June 

(2) 

 Apr.

 through

 June p 

 (3) 

Jan.

 through

June 

 (5) 

 Apr.

 through

 June p 

 (6) 

Jan.

 through

June 

 (8) 

 Apr. 

 through 

 June p 

 (9) 

Jan.

 through

June 

(11) 

Apr.

through

 June p

 (12) 

Caribbean: 

Anguilla...................................... 478 -557 225 29 -75 -25 -126 -760 -787 -1,795 -509 -621

Bahamas.................................... 11,778 -1,210 -262 406 1,016 73 -382 392 369 -421 -834 -1,672

Barbados ................................... 139 3,000 -111 165 346 195 971 1,036 463 -109 155 60

Bermuda .................................... 5,107 2,410 3,071 1,970 2,167 1,046 1,869 823 -320 1,482 1,334 416

British Virgin Islands................... 5,135 4,241 2,418 -153 171 107 1,581 462 384 3,144 -3,043 -1,158

Cayman Islands ......................... -19,515 -5,974 -1,729 10,444 -5,530 -1,484 9,543 1,640 -1,653 28,863 -4,302 -9,083

Cuba .......................................... - - - - - - -1 - - -79 -43 -

Jamaica ..................................... -1 -2 -10 -36 -124 -79 22 27 19 11 4 1

Netherlands Antilles ................... -6,786 -456 731 284 272 40 2,749 1,330 43 690 206 -243

Trinidad and Tobago.................. -809 23 -154 -100 -93 -111 30 -18 - 68 9 6

All other Caribbean .................... -57 3 -14 317 97 20 411 183 57 -65 -141 -34

Total Caribbean ..................... -4,531 1,478 4,165 13,326 -1,753 -218 16,667 5,115 -1,425 31,789 -7,164 -12,328

Asia: 

China, Mainland. ........................ -46,952 36,570 2,587 17,790 -4,453 -8,508 3,065 1,632 882 360 1,605 -645

Hong Kong................................. 9,669 5,131 -3,051 1,008 -904 -750 -822 -998 -1,758 6,460 372 493

India........................................... -1,840 4,690 7,605 - 108 -1 -39 -10 -2 -568 -420 -106

Indonesia ................................... 3,071 1,057 2,468 501 1,454 743 132 73 21 126 -20 -3

Israel.......................................... -3,009 514 1,406 -439 66 -40 81 70 -59 -409 -241 -126

Japan......................................... 148,498 62,817 14,894 36,463 12,971 3,338 9,505 2,928 -1,467 3,400 -7,239 -1,762

Korea, South.............................. -4,646 656 1,512 8,539 8,725 3,518 -3,195 -498 568 -140 -43 -14

Lebanon..................................... 53 194 26 1 1 - -97 48 26 66 18 70

Malaysia..................................... 4,059 479 -158 -1,372 1,171 659 -12 212 236 252 1,501 317

Pakistan..................................... - - - -2 - - -1 - - -21 -16 -9

Philippines ................................. 5,563 1,787 -1,243 -2,775 197 198 409 72 44 -57 -7 -5

Singapore .................................. 2,428 -3,103 -3,820 -918 431 344 3,244 1,801 768 -6,720 -758 2,078

Syria .......................................... - - - - - - -3 - - -2 - -

Taiwan ....................................... -5,750 1,404 399 5,891 1,189 960 2,875 1,903 1,530 -485 258 534

Thailand..................................... -651 753 198 197 409 36 136 14 14 -66 29 41

Oil exporting countries 3 ............. -3,133 -4,246 -1,975 1,699 918 1,566 -737 673 -186 6,286 3,699 2,823

All other Asia.............................. 785 -530 -459 -60 -43 - -105 -41 -72 49 4 -146

Total Asia ............................... 108,145 108,173 20,389 66,523 22,240 2,063 14,436 7,879 545 8,531 -1,258 3,540

Africa: 

Egypt.......................................... 123 -17 -61 -3 -3 -1 -6 -3 2 -27 -15 -6

Liberia........................................ 7 -7 -13 6 -1 - 83 15 2 -85 -4 4

Morocco ..................................... 183 16 9 7 11 5 -8 -2 2 -6 -4 -1

South Africa ............................... -851 151 -33 -10 27 3 -71 -74 -4 -42 103 -34

Oil exporting countries 4 ............. 2,048 1,317 532 -3 - -2 147 681 -18 1 -1 7

All other Africa............................ 486 52 3 165 -27 -19 24 41 -8 1,021 172 209

Total Africa............................. 1,996 1,512 437 162 7 -14 169 658 -24 862 251 179

Other countries: 

Australia..................................... 1,517 1,945 1,903 -21 246 251 -3,511 -2,401 -635 314 -348 -902

New Zealand.............................. -199 227 200 -5 -27 -18 -40 -82 14 99 -143 -309

All other countries ...................... -15 7 34 28 -37 -35 -98 -140 25 -7 23 16

Total other countries .............. 1,303 2,179 2,137 2 182 198 -3,649 -2,623 -596 406 -468 -1,195

Total foreign countries ....... 421,022 248,199 122,151 81,870 11,226 -1,737 -42,614 -36,569 -29,353 24,725 16,027 -1,962

International and regional orgs: 

International organizations ......... 11,259 224 -5,197 -401 176 114 -1,862 -780 -207 344 578 374

Regional organizations 5 ............ 290 528 65 -565 162 158 -699 -111 -97 6 -1 3

Total international and 

 regional organizations .............. 11,549 752 -5,132 -966 338 272 -2,561 -891 -304 350 577 377

Grand total......................... 432,571 248,951 117,019 80,904 11,564 -1,465 -45,175 -37,460 -29,657 25,075 16,604 -1,585

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and 

Spain. 

2

 As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2012 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2012, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities 

Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 2,580 701 294 173 580 605 227 2,300 446 292 163 778 420 201

Belgium................................... 6,242 859 271 377 2,109 1,735 891 36,911 2,516 310 6,856 2,571 23,614 1,044

Bulgaria .................................. 162 132 - - 28 - 2 71 39 - - 30 - 2

Cyprus .................................... 71,090 47 - 77 63,369 335 7,262 69,848 31 - 88 62,413 163 7,153

Czech Republic ...................... 1,124 249 - - 308 401 166 2,077 207 - 10 345 1,411 104

Denmark................................. 16,655 2,796 221 913 6,312 5,539 874 15,639 4,345 202 715 6,562 2,952 863

Finland.................................... 2,765 892 608 144 269 547 305 3,525 689 677 438 567 928 226

France .................................... 945,921 732,760 12,127 3,528 158,369 22,573 16,565 908,621 703,123 12,400 4,992 161,022 10,048 17,036

Germany................................. 98,323 30,135 1,192 1,618 26,114 32,284 6,981 75,980 25,349 1,708 3,765 28,145 10,120 6,893

Greece.................................... 566 142 1 20 279 21 104 548 104 2 30 284 62 66

Hungary.................................. 723 155 10 - 205 339 14 504 - - 25 306 148 25

Ireland..................................... 113,452 43,888 28,734 4,501 12,347 6,411 17,570 121,112 46,932 31,494 5,297 6,557 15,873 14,959

Italy ......................................... 17,297 3,846 126 308 7,372 4,223 1,422 15,312 3,053 158 474 8,158 1,516 1,952

Kazakhstan............................. 1,440 1,112 - 13 6 309 - 528 368 - - 68 91 1

Luxembourg ........................... 80,450 12,862 23,743 12,522 9,562 5,495 16,266 110,926 28,787 18,964 9,210 9,696 26,112 18,157

Monaco................................... 1,692 94 25 54 1,332 66 121 1,619 19 98 7 1,341 18 136

Netherlands ............................ 39,107 4,185 544 2,151 11,391 10,962 9,875 35,321 4,655 665 2,462 13,656 4,706 9,177

Norway ................................... 37,343 19,947 114 1,433 4,482 8,627 2,740 37,323 20,323 245 1,609 4,274 8,986 1,886

Poland .................................... 11,109 8,403 50 225 76 2,299 56 8,560 7,120 50 1 130 1,166 93

Portugal .................................. 2,789 561 - 13 1,126 976 113 1,857 294 2 22 1,153 196 190

Romania ................................. 431 368 - - 22 26 15 2,053 2,012 - - 23 6 12

Russia..................................... 16,648 15,238 72 45 299 511 483 22,152 20,400 - - 303 1,143 306

Serbia and Montenegro.......... 68 - - - 7 61 - 93 86 - - 7 - -

Spain ...................................... 16,272 5,865 34 285 3,295 4,961 1,832 14,275 4,588 81 400 3,574 2,971 2,661

Sweden................................... 22,328 8,896 - 81 4,009 6,353 2,989 23,491 11,165 28 293 4,251 3,340 4,414

Switzerland............................. 69,433 22,643 1,070 5,143 25,003 5,775 9,799 53,689 10,995 866 5,732 21,988 5,721 8,387

Turkey..................................... 2,636 1,455 - 1 287 440 453 4,695 2,916 1 10 276 1,040 452

Ukraine ................................... 606 507 - 2 4 82 11 301 263 - 10 8 12 8

United Kingdom...................... 2,742,589 1,755,859 66,913 69,950 301,442 260,983 287,442 2,727,046 1,697,541 72,092 90,892 296,383 267,712 302,426

Channel Islands...................... 23,499 2,374 877 569 13,474 845 5,360 23,692 2,061 881 809 14,053 1,059 4,829

All other Europe...................... 3,355 777 277 82 1,466 510 244 3,770 1,102 259 131 1,332 722 224

Total Europe....................... 4,348,696 2,677,747 137,303 104,228 654,944 384,294 390,180 4,323,839 2,601,528 141,477 134,441 650,254 392,258 403,881

Memo: Euro Area 1 ............. 1,398,462 837,182 67,691 25,757 297,077 91,223 79,532 1,398,295 821,149 66,769 34,255 299,356 96,964 79,802

Canada....................................... 528,260 204,867 14,037 13,201 138,581 101,227 56,347 521,688 197,717 13,991 9,585 136,194 106,327 57,874

Latin America: 

Argentina ................................ 3,882 82 17 291 1,464 1,038 990 3,061 103 12 138 1,353 743 712

Brazil....................................... 66,096 39,620 2,185 242 2,948 6,689 14,412 65,362 39,995 625 205 3,023 7,620 13,894

Chile ....................................... 19,982 8,215 188 283 4,337 4,382 2,577 18,910 7,718 216 299 4,469 2,983 3,225

Colombia ................................ 11,159 6,979 479 160 965 1,443 1,133 11,771 6,551 873 306 937 1,798 1,306

Costa Rica.............................. 1,449 1,044 19 24 242 61 59 1,662 1,068 1 13 246 282 52

Ecuador.................................. 1,021 409 45 46 113 191 217 721 31 98 51 112 40 389

Guatemala.............................. 784 510 - 7 161 81 25 1,507 362 1 2 155 972 15

Mexico .................................... 39,940 10,853 7,054 1,331 6,608 6,075 8,019 34,508 1,707 8,631 2,666 5,858 7,287 8,359

Panama .................................. 5,437 325 304 755 1,350 1,377 1,326 5,840 380 227 807 1,301 1,746 1,379

Peru ........................................ 8,162 3,184 1,122 241 1,076 1,850 689 5,759 1,626 623 382 1,036 1,272 820

Uruguay.................................. 6,372 2,678 148 246 1,202 1,573 525 5,322 2,088 76 191 1,324 1,270 373

Venezuela .............................. 3,682 364 49 328 1,218 1,392 331 3,140 864 34 210 1,101 680 251

All other Latin America ........... 1,181 297 266 116 179 235 88 1,038 413 97 56 183 194 95

Total Latin America ............ 169,147 74,560 11,876 4,070 21,863 26,387 30,391 158,601 62,906 11,514 5,326 21,098 26,887 30,870

Caribbean: 

Anguilla................................... 149,764 1,807 - 37 125,587 24 22,309 151,801 1,582 25 824 126,208 1 23,161

Bahamas ................................ 64,099 22,048 835 3,082 24,987 5,222 7,925 65,823 22,310 762 2,713 26,659 5,004 8,375

Barbados ................................ 6,322 3,999 263 602 784 186 488 5,897 4,110 68 139 724 313 543

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2012 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2012, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 181,273 18,100 7,664 7,619 80,128 45,081 22,681 175,585 15,029 6,618 7,939 79,712 46,013 20,274

British Virgin Islands .............. 127,459 15,122 362 4,064 72,372 15,231 20,308 123,670 12,704 255 3,680 73,530 13,509 19,992

Cayman Islands..................... 1,526,924 422,556 54,881 46,531 575,037 284,453 143,466 1,541,115 424,285 56,365 48,184 584,120 280,857 147,304

Cuba...................................... --------------

Jamaica................................. 187 2 59 58 25 29 14 256 12 138 39 24 35 8

Netherlands Antilles............... 11,008 4,548 116 583 3,209 1,418 1,134 9,984 3,817 76 540 3,452 652 1,447

Trinidad and Tobago ............. 1,466 460 619 108 122 80 77 1,704 614 730 108 116 83 53

All other Caribbean ................ 3,175 117 109 135 1,996 312 506 2,938 131 89 78 2,030 219 391

Total Caribbean ................. 2,071,677 488,759 64,908 62,819 884,247 352,036 218,908 2,078,773 484,594 65,126 64,244 896,575 346,686 221,548

Asia: 

China, Mainland. ................... 109,354 50,234 48,219 2,222 5,082 1,512 2,085 113,799 47,647 56,727 1,340 5,727 798 1,560

Hong Kong ............................ 123,512 29,847 4,862 2,219 11,041 8,814 66,729 125,000 32,898 5,612 3,977 10,548 5,121 66,844

India ...................................... 21,263 17,355 - 2 248 204 3,454 14,260 9,750 1 4 354 449 3,702

Indonesia............................... 11,087 5,924 2,787 27 143 666 1,540 7,843 3,456 2,044 6 146 561 1,630

Israel ..................................... 68,204 58,219 981 521 5,120 866 2,497 66,093 56,813 1,021 580 5,246 633 1,800

Japan .................................... 405,338 251,592 75,321 9,849 18,687 12,631 37,258 390,950 236,698 71,983 11,316 20,449 11,880 38,624

Korea, South ......................... 53,966 11,005 19,996 2,671 1,378 11,176 7,740 43,618 9,493 16,478 2,103 1,392 6,406 7,746

Lebanon ................................ 1,085 86 - 174 740 25 60 930 60 - 148 670 16 36

Malaysia ................................ 13,143 599 2,116 523 940 7,128 1,837 6,873 757 1,457 287 623 1,631 2,118

Pakistan ................................ 74 - - 1 48 2 23 84 - - 1 57 - 26

Philippines............................. 9,363 7,747 218 74 371 637 316 10,509 8,990 20 30 376 733 360

Singapore.............................. 73,869 34,021 1,514 3,175 12,820 7,134 15,205 66,959 37,841 1,170 2,407 10,742 2,547 12,252

Syria...................................... --------------

Taiwan................................... 27,425 6,391 3,567 3,265 6,707 1,911 5,584 24,407 5,992 2,607 1,735 6,173 952 6,948

Thailand ................................ 3,709 1,139 64 20 470 248 1,768 4,076 941 28 6 429 403 2,269

All other Asia ......................... 40,823 14,470 7,524 1,456 12,122 2,895 2,356 39,714 16,904 5,958 1,714 9,445 3,284 2,409

Total Asia .......................... 962,215 488,629 167,169 26,199 75,917 55,849 148,452 915,115 468,240 165,106 25,654 72,377 35,414 148,324

Africa: 

Egypt..................................... 466 99 3 9 147 70 138 471 160 4 7 153 22 125

Liberia ................................... 518 29 - 54 75 324 36 198 42 - 52 71 5 28

Morocco ................................ 55 40 5 2 2 - 6 50 31 - - 3 - 16

South Africa........................... 7,685 4,362 256 20 460 1,835 752 7,916 4,395 253 24 494 1,824 926

All other Africa ....................... 4,845 1,264 11 26 661 1,339 1,544 3,591 729 32 52 445 606 1,727

Total Africa ........................ 13,569 5,794 275 111 1,345 3,568 2,476 12,226 5,357 289 135 1,166 2,457 2,822

Other countries: 

Australia ................................ 50,510 7,445 4,473 2,108 6,480 17,120 12,884 42,185 5,542 4,222 2,743 7,382 8,859 13,437

New Zealand ......................... 4,369 765 473 362 401 2,188 180 2,756 565 491 348 710 296 346

All other ................................. 467 82 7 32 289 16 41 499 48 42 7 273 17 112

Total other countries .......... 55,346 8,292 4,953 2,502 7,170 19,324 13,105 45,440 6,155 4,755 3,098 8,365 9,172 13,895

Total foreign countries ... 8,148,910 3,948,648 400,521 213,130 1,784,067 942,685 859,859 8,055,682 3,826,497 402,258 242,483 1,786,029 919,201 879,214

International and regional orgs: 

International organizations..... 18,126 10,155 1,610 504 555 5,237 65 21,898 15,352 1,496 711 181 4,089 69

Regional organizations 2 ........ 3,381 237 192 36 8 2,908 - 428 172 34 133 5 84 -

Total international and 

 regional organizations .... 21,507 10,392 1,802 540 563 8,145 65 22,326 15,524 1,530 844 186 4,173 69

Grand total .................... 8,170,417 3,959,040 402,323 213,670 1,784,630 950,830 859,924 8,078,008 3,842,021 403,788 243,327 1,786,215 923,374 879,283

1

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
CAPITAL MOVEMENTS 

September 2012 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

Corporate and 

other 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

Foreign securities other Foreign securities Total

 sales

 (8) 

 Bonds

 (4) 

Stocks

 (5) 

Bonds

 (6) 

 Stocks

 (7) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria................................ 18,177 2,462 1,252 657 2,442 9,507 1,857 9,805 2,392 1,123 656 2,450 1,597 1,589

Belgium .............................. 29,825 2,934 657 1,554 13,223 6,921 4,536 117,122 3,466 986 19,421 17,196 70,805 5,247

Bulgaria .............................. 1,703 858 - 3 665 - 177 1,561 649 - 7 696 39 170

Cyprus................................ 140,162 602 42 30 124,249 834 14,404 140,516 756 68 54 124,229 748 14,662

Czech Republic .................. 4,670 1,190 - 26 1,338 925 1,191 3,906 1,142 - - 1,729 330 705

Denmark............................. 47,507 10,891 304 2,242 16,642 11,999 5,429 43,975 10,304 298 2,675 15,906 8,485 6,307

Finland ............................... 12,375 1,556 1,472 515 4,207 1,870 2,755 14,270 1,531 1,386 650 3,549 4,293 2,862

France................................ 4,785,896 3,794,846 43,273 16,366 772,345 65,302 93,764 4,724,366 3,710,365 34,989 25,499 798,902 56,598 98,014

Germany ............................ 355,465 113,068 4,905 7,730 95,271 94,888 39,603 307,149 108,764 4,700 11,563 93,153 49,785 39,185

Greece ............................... 3,751 813 6 80 1,713 513 626 3,675 922 72 47 1,835 175 625

Hungary.............................. 3,773 986 121 255 1,195 646 570 9,664 943 198 193 1,292 6,598 440

Ireland ................................ 340,759 157,236 52,551 17,232 36,617 21,513 55,610 387,294 168,847 57,207 18,843 36,538 47,702 58,157

Italy..................................... 105,406 14,253 542 1,279 53,276 20,799 15,256 87,255 13,372 876 1,448 51,558 4,091 15,910

Kazakhstan......................... 9,446 6,927 167 114 91 2,055 92 7,267 5,053 211 169 89 1,638 107

Luxembourg ....................... 208,628 37,378 30,170 24,242 49,074 23,307 44,456 285,458 47,691 45,894 25,630 50,644 69,300 46,299

Monaco .............................. 3,368 202 43 200 2,280 156 487 3,796 67 54 316 2,549 317 493

Netherlands........................ 174,355 43,262 3,339 8,095 47,146 37,424 35,089 168,691 43,087 2,879 10,923 49,301 24,762 37,738

Norway ............................... 181,896 87,886 16,849 15,856 23,014 24,565 13,726 172,513 82,696 18,717 20,418 19,767 18,889 12,026

Poland................................ 36,999 33,237 835 360 639 1,219 709 40,586 31,390 100 22 756 7,176 1,142

Portugal.............................. 9,854 1,372 3 64 6,127 833 1,455 10,511 1,374 8 82 6,981 673 1,393

Romania............................. 4,502 4,297 - - 131 57 17 4,301 3,965 - - 140 52 144

Russia ................................ 34,602 29,435 153 647 1,205 1,298 1,864 61,624 55,756 75 518 1,187 2,575 1,513

Serbia and Montenegro ...... 458 439 15 - 4 - - 645 612 25 - 5 3 -

Spain.................................. 60,836 17,608 552 1,547 9,979 15,590 15,560 48,106 12,012 571 2,145 10,807 7,332 15,239

Sweden .............................. 84,290 22,543 473 2,827 17,719 17,647 23,081 80,642 18,793 1,029 5,864 21,359 11,199 22,398

Switzerland......................... 262,263 66,995 3,801 18,941 102,124 17,035 53,367 255,775 60,771 3,509 18,616 106,395 16,725 49,759

Turkey ................................ 15,737 9,858 - 75 657 3,347 1,800 9,224 4,984 - 5 699 1,549 1,987

Ukraine............................... 3,638 3,180 - 3 50 336 69 4,324 3,832 55 89 58 171 119

United Kingdom.................. 11,606,782 7,462,227 238,700 367,139 1,297,997 966,210 1,274,509 11,524,339 7,305,287 241,712 390,809 1,294,960 1,014,090 1,277,481

Channel Islands.................. 143,318 13,160 3,042 3,675 93,935 11,062 18,444 143,316 11,512 2,852 6,412 93,072 10,819 18,649

All other Europe .................. 14,985 2,400 1,834 872 6,495 1,984 1,401 16,353 2,204 1,139 650 6,448 3,883 2,029

Total Europe ................... 18,705,427 11,944,101 405,103 492,626 2,781,850 1,359,843 1,721,904 18,688,029 11,714,538 420,731 563,722 2,814,250 1,442,399 1,732,389

Memo: Euro Area 1 ......... 6,250,411 4,187,815 138,768 79,471 1,219,174 299,652 325,531 6,310,112 4,115,113 150,770 117,109 1,250,680 338,910 337,530

Canada ................................... 2,126,252 838,255 30,746 51,820 494,252 421,227 289,952 2,127,312 820,587 27,203 53,247 480,187 454,700 291,388

Latin America: 

Argentina............................ 18,112 654 122 861 8,028 5,012 3,435 21,513 728 107 901 8,128 6,082 5,567

Brazil .................................. 334,933 218,301 5,698 3,970 16,303 42,610 48,051 288,799 170,893 4,409 3,625 16,391 37,083 56,398

Chile................................... 65,044 29,494 748 1,300 14,320 10,205 8,977 54,496 16,671 492 721 15,301 11,918 9,393

Colombia ............................ 45,332 20,481 1,548 703 12,488 6,198 3,914 38,280 11,644 1,372 1,028 12,533 8,122 3,581

Costa Rica.......................... 6,652 4,419 126 96 1,338 491 182 6,668 4,478 2 98 1,341 577 172

Ecuador.............................. 5,637 1,156 2,761 207 471 570 472 4,158 188 2,645 227 429 162 507

Guatemala.......................... 3,162 2,015 3 61 605 409 69 3,353 1,794 20 72 609 792 66

Mexico................................ 167,756 47,325 19,271 8,229 36,808 20,996 35,127 174,330 51,849 8,853 7,699 35,254 38,823 31,852

Panama.............................. 26,406 1,919 1,311 2,907 8,016 9,333 2,920 24,332 2,107 825 2,964 7,655 7,892 2,889

Peru.................................... 25,555 8,158 2,328 839 5,088 3,999 5,143 23,520 8,191 1,678 623 4,739 3,923 4,366

Uruguay.............................. 22,919 5,483 238 1,052 5,834 8,180 2,132 21,455 3,795 604 929 5,773 8,370 1,984

Venezuela .......................... 14,264 424 183 1,380 4,658 6,288 1,331 14,125 480 120 849 4,333 7,322 1,021

All other Latin America ....... 6,026 1,556 1,063 626 929 1,487 365 5,242 1,689 331 209 928 1,790 295

Total Latin America ........ 741,798 341,385 35,400 22,231 114,886 115,778 112,118 680,271 274,507 21,458 19,945 113,414 132,856 118,091

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2012 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

Corporate and 

other Foreign securities Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

 Bonds 

(4) 

Stocks

(5) 

Bonds

(6) 

Stocks

 (7) 

Bonds 

(11) 

Stocks

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla ................................. 696,295 19,117 127 424 562,275 853 113,499 699,113 18,639 98 550 564,070 990 114,766

Bahamas ............................... 391,176 166,631 3,628 28,230 131,421 22,011 39,255 381,183 154,853 3,222 28,612 131,842 22,410 40,244

Barbados ............................... 10,458 3,393 654 1,440 1,089 1,753 2,129 8,777 3,254 489 469 1,198 1,578 1,789

Bermuda ................................ 977,005 106,452 34,087 31,083 445,716 257,862 101,805 964,750 101,345 32,117 29,214 444,234 256,066 101,774

British Virgin Islands .............. 583,435 144,906 1,910 16,876 274,516 46,150 99,077 570,625 139,771 2,063 15,295 271,372 42,248 99,876

Cayman Islands ..................... 6,980,584 2,267,100 234,507 217,916 2,553,425 1,020,489 687,147 6,966,026 2,286,615 224,063 208,373 2,524,562 1,006,219 716,194

Cuba ..................................... 165 - - - 138 6 21 241 - - 1 217 4 19

Jamaica ................................. 1,712 293 498 124 147 636 14 2,018 294 534 102 136 938 14

Netherlands Antilles .............. 95,440 35,141 3,529 3,612 31,838 6,275 15,045 101,103 41,927 3,245 863 31,148 5,925 17,995

Trinidad and Tobago ............. 8,554 4,805 2,145 349 647 441 167 9,254 5,614 2,245 319 579 345 152

All other Caribbean ................ 8,767 842 837 775 4,101 1,495 718 8,880 899 520 364 4,166 1,990 941

Total Caribbean ................ 9,753,592 2,748,680 281,922 300,829 4,005,313 1,357,971 1,058,877 9,711,970 2,753,211 268,596 284,162 3,973,524 1,338,713 1,093,764

Asia: 

China, Mainland................ 378,589 287,040 45,496 11,184 17,191 7,824 9,854 405,118 333,992 27,706 8,119 16,831 3,194 15,276

Hong Kong ........................ 531,734 97,155 21,996 11,027 47,975 34,587 318,994 507,204 87,486 20,988 11,849 41,515 26,174 319,192

India................................... 30,864 10,486 - 20 1,241 713 18,404 36,719 12,326 - 59 1,809 1,403 21,122

Indonesia........................... 39,058 27,240 2,036 673 661 2,294 6,154 36,279 24,169 1,535 541 535 2,327 7,172

Israel.................................. 393,578 360,435 2,325 2,045 15,316 4,187 9,270 396,447 363,444 2,764 1,964 15,725 4,732 7,818

Japan................................. 1,359,346 786,419 183,347 51,251 84,738 56,193 197,398 1,158,793 637,921 146,884 41,746 81,338 57,636 193,268

Korea, South...................... 174,758 56,971 51,200 6,032 4,130 19,557 36,868 176,525 61,617 42,661 9,227 4,270 13,121 45,629

Lebanon ............................ 4,695 282 1 599 2,733 689 391 3,999 229 - 696 2,667 31 376

Malaysia ............................ 39,328 10,009 8,497 1,702 1,902 11,311 5,907 35,716 5,950 9,869 1,714 1,650 9,366 7,167

Pakistan............................. 261 - 5 23 61 50 122 238 - 7 24 82 43 82

Philippines ......................... 34,061 26,323 89 833 1,467 4,055 1,294 31,539 20,760 2,864 424 1,524 4,425 1,542

Singapore .......................... 354,168 216,258 11,433 13,578 42,525 19,207 51,167 352,867 213,830 12,351 10,334 49,245 13,697 53,410

Syria .................................. 70 - - - 34 - 36 89 - - 3 36 - 50

Taiwan............................... 100,582 18,272 16,018 8,361 22,682 6,889 28,360 95,411 24,022 10,127 5,486 23,167 3,822 28,787

Thailand............................. 24,897 12,109 482 411 1,185 2,743 7,967 24,729 12,760 285 275 1,251 2,091 8,067

All other Asia ..................... 162,025 85,214 15,552 3,630 36,951 11,011 9,667 156,854 87,562 13,913 4,472 30,616 11,802 8,489

Total Asia ...................... 3,628,014 1,994,213 358,477 111,369 280,792 181,310 701,853 3,418,527 1,886,068 291,954 96,933 272,261 153,864 717,447

Africa: 

Egypt ................................. 3,548 1,058 49 20 1,153 527 741 3,431 935 52 26 1,180 738 500

Liberia................................ 1,916 96 7 308 934 334 237 1,606 89 1 225 1,019 35 237

Morocco............................. 470 358 10 3 6 35 58 248 175 3 11 12 15 32

South Africa....................... 19,845 11,998 738 256 1,262 1,509 4,082 21,866 12,849 748 327 1,304 2,579 4,059

All other Africa ................... 21,800 9,714 445 328 3,823 1,232 6,258 20,558 7,180 283 157 2,801 2,277 7,860

Total Africa .................... 47,579 23,224 1,249 915 7,178 3,637 11,376 47,709 21,228 1,087 746 6,316 5,644 12,688

Other countries: 

Australia ............................ 206,134 39,419 10,993 14,730 32,404 40,857 67,731 208,970 37,902 11,014 18,241 32,090 42,242 67,481

New Zealand ..................... 7,349 889 577 222 2,112 2,199 1,350 6,316 1,088 582 262 2,013 1,250 1,121

All other ............................. 961 135 57 94 264 214 197 1,567 150 29 192 271 167 758

Total other countries...... 214,444 40,443 11,627 15,046 34,780 43,270 69,278 216,853 39,140 11,625 18,695 34,374 43,659 69,360

Total foreign 

 countries................ 35,217,106 17,930,301 1,124,524 994,836 7,719,051 3,483,036 3,965,358 34,890,671 17,509,279 1,042,654 1,037,450 7,694,326 3,571,835 4,035,127

International and regional orgs: 

International organizations ... 58,188 38,342 6,406 995 1,191 10,733 521 48,032 27,083 6,807 2,857 847 9,649 789

Regional organizations 2 ..... 42,833 1,237 1,635 270 41 37,045 2,605 10,376 947 2,200 969 35 1,955 4,270

Total international and 

 regional organizations ....... 101,021 39,579 8,041 1,265 1,232 47,778 3,126 58,408 28,030 9,007 3,826 882 11,604 5,059

Grand total..................... 35,318,127 17,969,880 1,132,565 996,101 7,720,283 3,530,814 3,968,484 34,949,079 17,537,309 1,051,661 1,041,276 7,695,208 3,583,439 4,040,186

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, 

Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

September 2012 

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and

Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign 

investors have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions 

have been relatively small in recent years. Stock swap acquisitions were less than $1 billion in 2009, picked up to over $8 billion 

in 2010, but again slowed during 2011 to $1.3 billion. Stock swaps rose in the first half of 2012 to $3.2 billion. (Stock swaps data 

for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock

swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides 

estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. government 

agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases of 

U.S. securities by $204 billion in 2009, $231 billion in 2010, $164 billion in 2011, and $95 billion in the first half of 2012.

After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $436 billion in 2009. The 

pace of acquisitions picked up in 2010, when foreign net purchases were recorded at $685 billion. The pace of acquisitions slowed 

considerably in both 2011 and again in 2012, with net foreign purchases recorded at $331 billion in 2011, and only $147 billion in 

the first half of 2012.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2009 2010 2011

2012

Jan.- June

2012

Apr.-June 

United Kingdom .......................... 212,743 376,505 133,295 55,826 37,256 

All other Europe .......................... 33,534 744 -22,856 -10,569 9,266 

Caribbean banking centers 1 ...... 23,959 69,439 58,390 -5,090 -8,887 

Japan .......................................... 128,219 200,839 197,866 71,477 15,003

All other Asia ............................... 187,661 130,519 -231 65,557 11,534 

Subtotal ................................... 586,116 778,046 366,464 177,201 64,172 

All other countries ....................... 52,741 130,242 126,911 62,458 20,140 

Grand total .............................. 638,857 908,288 493,375 239,659 84,312

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

September 2012 

81

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to 

the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $7 billion in 2008, $2 billion in 2009, $12 billion in 2010, and $10 

billion in 2011. As of the first half of 2012, there are no reported stock swaps. (Stock swaps data for the most recent 

quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are 

not reported under the TIC reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net sales of long-term foreign securities amounted to $67 billion 

in 2008, but U.S. investors switched to net purchases of foreign securities in 2009 with acquisitions of $189 billion. 

Net purchases slowed in 2010 to $127 billion but picked up slightly in 2011 to $135 billion. As of the first half of 

2012, U.S. investors again reverted to net sales of $14 billion in foreign securities. 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2008 2009 2010 2011

2012

Jan. - June

2012

Apr. - June 

Foreign bonds ................................. -53,942 127,474 54,644 52,625 -46,838 -27,456

Foreign stocks ................................. -20,246 59,360 60,615 71,702 32,571 19,359

Total ............................................... -74,188 186,834 115,259 124,327 -14,267 -8,097

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

September 2012 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2010 2011 2012

Dec. Mar. r June r Sept. r Dec. Mar. p

Gross total of holdings with negative fair values ........................... 3,541,931 3,076,148 3,336,982 5,062,951 4,578,414 3,778,639

Total over-the-counter (OTC) contracts..................................... 3,512,342 3,044,818 3,307,858 5,002,505 4,529,130 3,715,990

Single-currency interest rate contracts.................................. 2,787,529 2,348,351 2,633,109 4,088,082 3,793,205 3,105,082

Forwards ............................................................................ 6,684 6,373 5,354 6,476 5,232 5,186

Swaps ................................................................................ 2,557,293 2,133,045 2,412,515 3,768,078 3,481,040 2,827,243

Options............................................................................... 223,552 208,933 215,240 313,528 306,933 272,653

Foreign exchange contracts .................................................. 304,088 291,084 280,953 390,547 288,414 250,711

Forwards ............................................................................ 110,520 112,508 104,155 165,228 103,632 83,380

Swaps ................................................................................ 153,063 139,117 136,126 180,159 150,736 138,401

Options............................................................................... 40,505 39,459 40,672 45,160 34,046 28,930

Other contracts ...................................................................... 420,725 405,383 393,796 523,876 447,511 360,197

Equity ................................................................................. 40,073 40,864 40,667 50,940 43,381 47,204

Credit.................................................................................. 290,208 264,474 274,530 398,081 336,785 249,038

All other .............................................................................. 90,444 100,045 78,599 74,855 67,345 63,955

Total exchange-traded contracts ............................................... 29,589 31,330 29,124 60,446 49,284 62,649

Own contracts on foreign exchanges .................................... 674 649 663 1,456 3,395 4,295

U.S. customers’ contracts on foreign exchanges.................. 3,847 4,288 4,724 5,110 6,974 8,830

Foreign counterparty contracts on U.S. exchanges .............. 25,068 26,393 23,737 53,880 38,915 49,524

Memorandum items: 

Contracts with own foreign office........................................... 853,851 749,188 791,220 1,172,584 1,101,918 985,812

Contracts with foreign official institutions .............................. 15,975 13,937 14,363 17,455 19,036 18,122

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,652,313 3,186,201 3,457,517 5,193,947 4,704,666 3,890,439

Total over-the-counter (OTC) contracts..................................... 3,621,801 3,152,662 3,426,670 5,131,227 4,656,615 3,830,036

Single-currency interest rate contracts.................................. 2,844,526 2,407,758 2,693,081 4,144,759 3,853,966 3,168,565

Forwards ............................................................................ 6,541 5,375 4,662 6,057 5,094 5,015

Swaps ................................................................................ 2,596,870 2,178,712 2,453,233 3,796,273 3,514,464 2,869,739

Options............................................................................... 241,115 223,671 235,186 342,429 334,408 293,811

Foreign exchange contracts .................................................. 330,298 317,735 313,425 419,577 314,930 263,770

Forwards ............................................................................ 113,369 113,784 108,899 174,754 110,057 78,747

Swaps ................................................................................ 170,886 160,244 160,824 192,737 164,905 152,386

Options............................................................................... 46,043 43,707 43,702 52,086 39,968 32,637

Other contracts ...................................................................... 446,977 427,169 420,164 566,891 487,719 397,701

Equity ................................................................................. 44,936 47,278 48,589 61,956 62,626 68,848

Credit.................................................................................. 318,710 287,896 296,700 427,768 360,480 269,053

All other .............................................................................. 83,331 91,995 74,875 77,167 64,613 59,800

Total exchange-traded contracts ............................................... 30,512 33,539 30,847 62,720 48,051 60,403

Own contracts on foreign exchanges .................................... 878 1,067 787 1,052 3,284 3,696

Customers’ contracts on foreign exchanges ......................... 3,226 3,720 3,920 4,701 4,908 6,494

Foreign counterparty contracts on U.S. exchanges .............. 26,408 28,752 26,140 56,967 39,859 50,213

Memorandum items: 

Contracts with own foreign office........................................... 874,301 764,163 822,422 1,201,103 1,133,997 1,012,041

Contracts with foreign official institutions .............................. 13,451 12,382 13,202 15,637 14,696 14,398

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

September 2012 

83

TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

2010 2011 2012

Dec. Mar. r June r Sept. r Dec. Mar. p

Europe: 

Belgium...................................................................................... 10,244 8,934 9,267 13,566 12,544 11,062

France........................................................................................ 156,930 139,414 145,428 225,168 212,362 188,161

Germany .................................................................................... 209,014 183,026 193,261 297,657 274,134 241,864

Ireland ........................................................................................ 251,881 212,960 248,282 357,092 322,165 276,259

Italy............................................................................................. 6,893 5,386 5,254 8,000 7,904 7,389

Netherlands................................................................................ 12,907 11,349 11,772 17,317 16,843 15,489

Switzerland ................................................................................ 81,315 72,255 80,099 106,733 80,410 68,696

United Kingdom ......................................................................... 2,468,669 2,137,143 2,323,967 3,594,311 3,268,981 2,622,110

All other Europe ......................................................................... 42,746 38,612 38,793 60,563 56,034 55,366

Total Europe .......................................................................... 3,240,599 2,809,079 3,056,123 4,680,407 4,251,377 3,486,396

Memo: Euro Area 1 .................................................................... 676,357 585,782 638,602 957,120 881,817 776,112

Memo: European Union 2........................................................... 3,154,262 2,732,358 2,971,764 4,568,916 4,166,936 3,414,147

Canada........................................................................................... 45,276 43,353 45,044 66,684 62,260 56,288

Total Latin America........................................................................ 9,327 10,494 7,690 11,207 8,214 7,538

Caribbean: 

Cayman Islands ......................................................................... 48,930 36,264 36,579 53,066 37,004 34,398

All other Caribbean .................................................................... 14,925 12,177 12,849 23,445 14,513 13,806

Total Caribbean ..................................................................... 63,855 48,441 49,428 76,511 51,517 48,204

Asia: 

Japan ......................................................................................... 106,590 96,724 108,352 128,906 120,877 98,081

All other Asia.............................................................................. 31,901 26,398 26,012 36,298 29,229 32,799

Total Asia ............................................................................... 138,491 123,122 134,364 165,204 150,106 130,880

Total Africa..................................................................................... 20,527 19,382 20,256 28,740 28,034 25,470

Other countries: 

Australia ..................................................................................... 14,480 13,558 14,782 23,522 18,175 16,087

All other...................................................................................... 995 920 1,107 1,295 1,076 1,069

Total other countries .............................................................. 15,475 14,478 15,889 24,817 19,251 17,156

Total foreign countries ....................................................... 3,533,550 3,068,349 3,328,794 5,053,570 4,570,759 3,771,932

Total international and regional organizations............................... 8,379 7,798 8,186 9,381 7,655 6,704

Grand total ............................................................................. 3,541,931 3,076,148 3,336,982 5,062,951 4,578,414 3,778,639

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2012 

84 

TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2012

 Dec. Mar. r June r Sept. r Dec. Mar. p

Europe: 

Belgium .................................................................... 13,449 11,508 12,271 17,361 16,260 14,333

France ...................................................................... 180,511 161,349 169,253 256,905 242,907 215,291

Germany................................................................... 220,547 193,489 206,070 314,849 291,465 256,421

Ireland ...................................................................... 268,319 226,655 264,454 376,667 338,016 288,924

Italy ........................................................................... 8,392 7,492 7,353 10,233 9,617 9,124

Netherlands .............................................................. 15,457 13,840 14,348 19,158 18,055 17,871

Switzerland ............................................................... 87,746 79,166 88,198 116,851 95,000 79,756

United Kingdom ........................................................ 2,503,208 2,169,149 2,367,762 3,645,739 3,300,365 2,653,327

All other Europe ....................................................... 37,176 34,001 35,583 55,685 52,322 48,828

Total Europe ......................................................... 3,334,805 2,896,649 3,165,292 4,813,448 4,364,007 3,583,875

Memo: Euro Area 1 ................................................... 731,174 635,565 696,740 1,033,385 952,689 836,285

Memo: European Union 2 ......................................... 3,242,593 2,814,057 3,073,661 4,692,523 4,265,722 3,501,669

Canada ......................................................................... 46,349 47,533 46,459 67,638 63,814 56,133

Total Latin America ...................................................... 11,961 10,693 10,302 13,859 10,515 10,169

Caribbean: 

Cayman Islands ....................................................... 60,329 48,187 45,184 63,397 47,616 42,241

All other Caribbean .................................................. 14,472 14,550 12,917 16,548 14,512 13,456

Total Caribbean .................................................... 74,801 62,737 58,101 79,945 62,128 55,697

Asia: 

Japan ........................................................................ 104,198 96,511 104,190 125,742 118,726 98,122

All other Asia ............................................................ 35,925 30,988 29,527 38,754 31,888 35,329

Total Asia ............................................................. 140,123 127,499 133,717 164,496 150,614 133,451

Total Africa ................................................................... 20,988 19,513 20,490 28,528 31,384 30,700

Other countries: 

Australia ................................................................... 18,704 17,318 18,683 21,070 17,914 17,122

All other .................................................................... 1,049 1,023 1,125 1,400 1,225 1,143

Total other countries ............................................ 19,753 18,341 19,808 22,470 19,139 18,265

Total foreign countries ..................................... 3,648,780 3,182,965 3,454,169 5,190,384 4,701,601 3,888,290

Total international and regional organizations ............. 3,532 3,235 3,348 3,563 3,065 2,149

Grand total ........................................................... 3,652,313 3,186,201 3,457,517 5,193,947 4,704,666 3,890,439

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia.

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2012 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Derivatives Contract 

 2010 2011 2011 2012

 Total Total Jan.-Mar. Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. p

Total over-the-counter (OTC) contracts.......................................... 14,531 28,758 943 6,409 -1,155 22,561 3,644

Single-currency interest rate contracts ....................................... 9,423 -2,341 -191 -1,478 -6,250 5,578 1,059

Foreign exchange contracts........................................................ -12,798 22,637 -895 4,591 412 18,529 7,046

Other contracts............................................................................ 17,906 8,462 2,029 3,296 4,683 -1,546 -4,461

Total exchange-traded contracts .................................................... -455 6,270 1,984 1,010 -2,794 6,070 -47

Own contracts on foreign exchanges ......................................... 6,225 13,007 2,891 2,526 1,964 5,626 266

U.S. customers’ contracts on foreign exchanges ....................... 5,637 -1,948 1,133 -584 -2,669 172 2,013

Foreign counterparty contacts on U.S. exchanges .................... -12,317 -4,789 -2,040 -932 -2,089 272 -2,326

Total net cash settlements from foreigners .................................... 14,076 35,028 2,927 7,419 -3,949 28,631 3,597

Memorandum items: 

Contracts with foreign official institutions................................ -1,816 -550 2,181 -215 -1,676 -840 -242

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

September 2012 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2011 2012

Total Total Jan.-Mar. Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. p

Europe: 

Belgium..................................................................... 3,046 -81 147 -128 108 -208 -61

France....................................................................... 887 -11,890 -3,723 703 -3,168 -5,702 2,030

Germany................................................................... 6,911 2,764 -223 203 -1,896 4,680 1,753

Ireland....................................................................... -2,314 5,663 -133 -505 2,398 3,903 -8,410

Italy ........................................................................... -802 -1,988 -603 -476 -743 -166 300

Netherlands .............................................................. 1,436 1,824 -78 567 443 892 -182

Switzerland ............................................................... 4,863 -2,788 272 -59 -1,163 -1,838 2,750

United Kingdom........................................................ 6,047 25,517 7,015 1,684 -3,823 20,641 -3,718

All other Europe........................................................ 1,742 -769 -988 -1,412 1,286 345 1,040

Total Europe ......................................................... 21,816 18,252 1,686 577 -6,558 22,547 -4,498

Memo: Euro area 1 ................................................... 9,825 -4,656 -5,537 -867 -2,486 4,234 -3,846

Memo: European Union 2 ......................................... 14,819 19,918 1,139 589 -5,868 24,058 -8,228

Canada ......................................................................... -5,060 2,706 -1,267 1,275 -259 2,957 1,875

Total Latin America....................................................... -1,957 4,779 -321 1,076 2,407 1,617 247

Caribbean: 

Cayman Islands........................................................ 5,801 818 344 2,775 -2,529 228 3,855

All other Caribbean................................................... 40 5,657 2,819 1,792 158 888 2,474

Total Caribbean.................................................... 5,841 6,475 3,163 4,567 -2,371 1,116 6,329

Asia: 

Japan........................................................................ -7,829 -7,822 -1,064 -1,810 372 -5,320 -933

All other Asia ............................................................ 3,748 9,343 658 182 2,010 6,493 1,109

Total Asia.............................................................. -4,081 1,521 -406 -1,628 2,382 1,173 176

Total Africa ................................................................... 119 2,603 210 666 586 1,141 335

Other countries: 

Australia.................................................................... -2,117 -180 135 936 265 -1,516 -1,013

All other..................................................................... 255 -154 -59 121 -86 -130 426

Total other countries............................................. -1,862 -334 76 1,057 179 -1,646 -587

Total foreign countries...................................... 14,816 36,002 3,141 7,590 -3,634 28,905 3,877

Total international and regional organizations ............. -739 -976 -214 -172 -315 -275 -280

Grand total............................................................ 14,076 35,028 2,927 7,419 -3,949 28,631 3,597

1

 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, 

Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, 

Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
September 2012 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2012 

88 

SECTION I.—Canadian Dollar Positions 

TABLE FCP-I-1.—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

1/04/2012 ............................................................... 825,259 830,835 12 1.0134

1/11/2012 ............................................................... 798,591 804,274 n.a. 1.0192

1/18/2012 ............................................................... 806,961 800,115 173 1.0138

1/25/2012 ............................................................... 805,780 808,061 60 1.0119

02/01/2012 ............................................................. 836,055 839,108 29 0.9972

02/08/2012 ............................................................. 845,487 847,091 n.a. 0.9969

02/15/2012 ............................................................. 839,395 840,114 n.a. 0.9965

02/22/2012 ............................................................. 865,987 863,827 n.a. 0.9999

02/29/2012 ............................................................. 890,768 889,048 -323 0.9866

03/07/2012 ............................................................. 843,611 842,676 n.a. 0.9994

03/14/2012 ............................................................. 891,704 887,006 -30 0.9914

03/21/2012 ............................................................. 834,997 831,231 -300 0.9928

03/28/2012 ............................................................. 813,566 811,101 228 0.9983

04/04/2012 ............................................................. 805,849 803,743 505 0.9961

04/11/2012 ............................................................. 803,698 800,759 493 1.0040

04/18/2012 ............................................................. 808,289 802,314 298 0.9902

04/25/2012 ............................................................. 852,575 850,832 334 0.9848

05/02/2012 ............................................................. 838,327 837,520 1,765 0.9890

05/09/2012 ............................................................. 844,370 845,183 2,004 1.0014

05/16/2012 ............................................................. 832,084 830,134 1,361 1.0099

05/23/2012 ............................................................. 847,826 851,298 2,151 1.0274

05/30/2012 ............................................................. 847,006 847,671 1,322 1.0289

06/06/2012 ............................................................. 872,336 869,552 3,053 1.0298

06/13/2012 ............................................................. 885,502 880,964 2,310 1.0270

06/20/2012 ............................................................. 810,081 805,103 2,995 1.0193

06/27/2012 ............................................................. 798,197 791,575 3,046 1.0258
FOREIGN CURRENCY POSITIONS 

September 2012 

89

SECTION I.—Canadian Dollar Positions, con. 

TABLE FCP-I-2.—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461

2010 - Dec................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948

2011 - July................... 867,361 879,472 164,407 140,453 43,344 46,569 46,783 39,517 -34 0.9539

Aug .................. 916,430 930,639 169,515 145,433 54,065 54,858 50,763 45,102 212 0.9783

Sept................. 881,629 889,061 174,232 156,830 42,957 45,972 51,010 47,312 547 1.0389

Oct................... 884,168 892,879 174,311 160,432 45,215 47,048 52,693 46,377 405 0.9932

Nov .................. 887,296 889,589 169,972 157,015 41,042 46,747 50,719 42,976 n.a. 1.0199

Dec .................. 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Jan ................... 835,030 838,682 161,462 152,696 39,001 41,591 50,688 42,562 -125 1.0050

Feb .................. 887,533 890,880 156,810 149,308 42,474 46,747 53,257 44,834 n.a. 0.9866

Mar .................. 809,506 811,139 158,058 149,893 41,204 55,762 50,811 67,427 n.a. 0.9990

Apr................... 836,347 833,841 159,929 150,769 48,126 49,179 54,830 43,584 n.a. 0.9886

May.................. 870,865 874,853 157,688 149,512 49,554 57,037 71,900 53,319 2,432 1.0349

June................. 826,083 825,877 150,454 149,400 42,260 54,531 69,852 58,016 3,006 1.0190

 

TABLE FCP-I-3.—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2009 - Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461

2010 - Mar................... 23,334 23,789 80,369 44,359 2,063 n.a. n.a. n.a. 322 1.0156

June ................. 15,386 23,016 79,466 45,200 n.a. n.a. 789 n.a. 59 1.0606

Sept.................. 15,842 26,139 82,418 46,599 378 163 941 n.a. 2 1.0293

Dec................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642

Sept.................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389

Dec ................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

 
FOREIGN CURRENCY POSITIONS 

September 2012 

90 

SECTION II.—Japanese Yen Positions 

TABLE FCP-II-1.—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/2012 .............................................................. 350,466 354,889 n.a. 76.68

01/11/2012 .............................................................. 342,280 346,928 n.a. 76.90

01/18/2012 .............................................................. 337,407 341,340 n.a. 76.81

01/25/2012 .............................................................. 344,762 349,153 442 78.13

02/01/2012 .............................................................. 347,761 352,287 472 76.14

02/08/2012 .............................................................. 347,493 351,902 382 76.90

02/15/2012 .............................................................. 344,724 349,501 349 78.22

02/22/2012 .............................................................. 348,429 355,697 353 80.30

02/29/2012 .............................................................. 358,532 366,690 395 81.10

03/07/2012 .............................................................. 357,269 365,119 289 81.06

03/14/2012 .............................................................. 368,700 376,409 169 83.78

03/21/2012 .............................................................. 359,708 367,233 147 83.62

03/28/2012 .............................................................. 348,544 356,367 54 82.74

04/04/2012 .............................................................. 342,077 349,195 6 82.62

04/11/2012 .............................................................. 348,569 361,804 50 80.88

04/18/2012 .............................................................. 341,544 354,193 132 81.29

04/25/2012 .............................................................. 350,481 363,462 100 81.33

05/02/2012 .............................................................. 340,475 353,413 90 80.19

05/09/2012 .............................................................. 339,766 352,289 73 79.64

05/16/2012 .............................................................. 343,854 358,134 87 80.32

05/23/2012 .............................................................. 352,994 368,332 75 79.33

05/30/2012 .............................................................. 348,539 364,105 -24 78.93

06/06/2012 .............................................................. 353,756 369,068 126 79.11

06/13/2012 .............................................................. 359,355 374,959 75 79.35

06/20/2012 .............................................................. 349,931 365,989 n.a. 79.54

06/27/2012 .............................................................. 350,705 367,723 236 79.83
FOREIGN CURRENCY POSITIONS 

September 2012 

91

SECTION II.—Japanese Yen Positions, con. 

TABLE FCP-II-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2009 - Dec.................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08

2010 - Dec.................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11

2011 - July.................. 368,456 371,468 51,957 47,569 40,436 38,621 62,548 66,829 n.a. 77.18

Aug ................. 392,835 396,342 63,857 57,141 38,830 37,028 61,617 65,739 n.a. 76.50

Sept................ 382,995 385,210 58,889 52,365 37,059 37,116 58,490 61,129 n.a. 77.04

Oct.................. 403,827 407,957 56,816 50,698 38,206 38,088 59,995 61,063 n.a. 77.97

Nov ................. 390,303 394,615 58,880 51,370 37,379 37,404 58,236 60,183 n.a. 77.58

Dec ................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Jan .................. 369,138 372,431 63,576 58,939 36,578 37,099 59,608 61,538 481 76.34

Feb ................. 370,106 377,757 59,620 54,591 37,994 38,538 63,148 64,932 394 81.10

Mar ................. 352,791 359,750 57,170 51,876 38,446 39,894 64,568 66,508 3 82.41

Apr.................. 353,048 365,165 61,273 56,858 37,431 38,832 64,216 66,046 293 79.81

May................. 359,662 374,705 63,412 60,023 36,972 37,502 60,894 63,219 80 78.29

June................ 355,791 372,188 58,142 56,488 35,668 35,681 59,634 61,561 287 79.81

 

TABLE FCP-II-3.—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2009 - Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08

2010 - Mar................... 3,023 5,651 6,454 2,294 142 285 961 417 -66 93.40

June ................. 3,442 4,142 5,657 2,687 135 292 919 594 50 88.49

Sept.................. 2,937 3,644 5,897 2,804 54 253 558 274 n.a. 83.53

Dec................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76

June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64

Sept.................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04

Dec ................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

 
FOREIGN CURRENCY POSITIONS 

September 2012 

92 

SECTION III.—Swiss Franc Positions 

TABLE FCP-III-1.—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/2012 .............................................................. 898,562 927,608 n.a. 0.9417

01/11/2012 .............................................................. 940,917 953,754 308 0.9554

01/18/2012 .............................................................. 963,073 976,107 281 0.9427

01/25/2012 .............................................................. 969,122 980,158 483 0.9310

02/01/2012 .............................................................. 979,368 989,016 n.a. 0.9124

02/08/2012 .............................................................. 1,002,805 1,016,624 429 0.9126

02/15/2012 .............................................................. 974,762 986,284 325 0.9223

02/22/2012 .............................................................. 981,805 995,846 234 0.9107

02/29/2012 .............................................................. 880,589 900,344 175 0.9023

03/07/2012 .............................................................. 875,348 894,550 187 0.9169

03/14/2012 .............................................................. 879,432 896,458 704 0.9313

03/21/2012 .............................................................. 784,262 814,678 350 0.9143

03/28/2012 .............................................................. 815,212 846,009 318 0.9064

04/04/2012 .............................................................. 811,969 838,643 580 0.9168

04/11/2012 .............................................................. 826,726 848,657 n.a. 0.9165

04/18/2012 .............................................................. 784,904 810,780 610 0.9162

04/25/2012 .............................................................. 785,214 807,079 -93 0.9097

05/02/2012 .............................................................. 783,957 805,112 -900 0.9135

05/09/2012 .............................................................. 799,480 822,059 -618 0.9272

05/16/2012 .............................................................. 776,691 798,878 -389 0.9435

05/23/2012 .............................................................. 783,345 808,004 471 0.9555

05/30/2012 .............................................................. 840,491 864,827 590 0.9682

06/06/2012 .............................................................. 820,664 843,420 -337 0.9579

06/13/2012 .............................................................. 862,221 888,569 -1,049 0.9533

06/20/2012 .............................................................. 779,320 804,871 -631 0.9453

06/27/2012 .............................................................. 810,051 837,904 -791 0.9642
FOREIGN CURRENCY POSITIONS 

September 2012 

93

SECTION III.—Swiss Franc Positions, con. 

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358

2010 - Dec................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341

2011 - July................... 1,019,760 1,012,367 72,751 68,813 148,585 152,688 175,603 168,928 1,899 0.7881

Aug .................. 1,088,167 1,121,207 153,557 124,479 161,421 164,507 191,397 183,354 1,494 0.8038

Sept................. 1,013,152 1,042,198 150,042 109,280 159,294 168,840 196,205 183,503 n.a. 0.9048

Oct................... 958,579 981,344 148,792 110,490 153,945 158,690 185,198 172,528 -1,192 0.8706

Nov .................. 966,583 995,690 155,758 112,695 145,216 163,435 183,431 169,889 -284 0.9106

Dec .................. 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Jan ................... 1,004,744 1,014,643 100,869 82,748 147,752 135,291 167,645 159,847 -1,480 0.9220

Feb .................. 887,385 906,717 124,124 101,349 145,613 143,943 167,771 165,616 -645 0.9023

Mar .................. 799,865 827,940 142,614 105,387 128,901 137,999 162,642 166,947 -303 0.9026

Apr................... 764,285 782,742 126,087 97,055 117,417 127,181 158,478 162,232 -912 0.9081

May.................. 831,848 853,214 126,177 99,449 121,297 126,936 154,386 157,725 -140 0.9713

June................. 802,605 828,440 121,586 103,367 113,445 120,594 145,530 146,025 -528 0.9485

 

TABLE FCP-III-3.—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358

2010 - Mar................... 8,065 15,848 44,441 8,074 n.a. n.a. 539 n.a. n.a. 1.0528

June ................. 8,291 14,611 50,611 6,919 n.a. n.a. 545 n.a. -56 1.0774

Sept.................. 9,471 14,753 51,571 7,029 428 280 241 n.a. -24 0.9808

Dec................... 9,513 14,149 52,189 10,966 233 n.a. 256 n.a. -27 0.9341

2011 - Mar................... 10,382 15,792 49,574 8,475 47 n.a. 1,796 n.a. n.a. 0.9157

June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413

Sept.................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048

Dec ................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026

 
FOREIGN CURRENCY POSITIONS 

September 2012 

94 

SECTION IV.—Sterling Positions 

TABLE FCP-IV-1.—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/2012 .............................................................. 1,364,536 1,417,069 n.a. 1.5638

01/11/2012 .............................................................. 1,355,510 1,403,911 n.a. 1.5325

01/18/2012 .............................................................. 1,420,788 1,458,579 n.a. 1.5410

01/25/2012 .............................................................. 1,440,798 1,480,200 316 1.5570

02/01/2012 .............................................................. 1,468,607 1,507,065 64 1.5853

02/08/2012 .............................................................. 1,418,935 1,456,759 -28 1.5820

02/15/2012 .............................................................. 1,446,776 1,484,904 n.a. 1.5710

02/22/2012 .............................................................. 1,510,964 1,552,003 116 1.5677

02/29/2012 .............................................................. 1,515,976 1,556,584 n.a. 1.5951

03/07/2012 .............................................................. 1,512,960 1,551,733 304 1.5746

03/14/2012 .............................................................. 1,535,158 1,575,810 n.a. 1.5686

03/21/2012 .............................................................. 1,417,489 1,460,147 n.a. 1.5848

03/28/2012 .............................................................. 1,480,557 1,526,813 n.a. 1.5855

04/04/2012 .............................................................. 1,464,461 1,507,777 266 1.5879

04/11/2012 .............................................................. 1,458,682 1,501,852 502 1.5892

04/18/2012 .............................................................. 1,442,430 1,481,702 439 1.6020

04/25/2012 .............................................................. 1,477,557 1,518,991 406 1.6146

05/02/2012 .............................................................. 1,440,990 1,486,272 n.a. 1.6193

05/09/2012 .............................................................. 1,454,779 1,496,412 n.a. 1.6130

05/16/2012 .............................................................. 1,495,166 1,537,320 n.a. 1.5933

05/23/2012 .............................................................. 1,505,409 1,544,093 -2,115 1.5691

05/30/2012 .............................................................. 1,583,307 1,617,432 n.a. 1.5532

06/06/2012 .............................................................. 1,615,366 1,647,162 n.a. 1.5475

06/13/2012 .............................................................. 1,557,919 1,585,664 n.a. 1.5557

06/20/2012 .............................................................. 1,471,667 1,497,441 n.a. 1.5750

06/27/2012 .............................................................. 1,526,496 1,552,634 n.a. 1.5549
FOREIGN CURRENCY POSITIONS 

September 2012 

95

SECTION IV.—Sterling Positions, con. 

TABLE FCP-IV-2.—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167

2010 - Dec................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598

2011 - July................... 1,402,739 1,443,910 523,799 409,012 57,902 57,365 65,546 64,816 n.a. 1.6455

Aug .................. 1,472,736 1,522,454 576,228 450,627 57,793 59,820 65,855 67,778 n.a. 1.6269

Sept................. 1,518,676 1,557,354 652,916 502,697 60,079 72,488 76,099 74,247 -251 1.5624

Oct................... 1,478,071 1,512,561 620,870 495,874 59,919 66,053 72,563 71,785 -468 1.6141

Nov .................. 1,515,496 1,549,427 612,191 501,632 60,932 64,001 74,484 70,960 n.a. 1.5705

Dec .................. 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Jan ................... 1,471,391 1,513,922 616,382 507,870 55,307 54,193 65,409 64,069 n.a. 1.5754

Feb .................. 1,522,947 1,565,025 608,944 513,820 57,089 57,222 69,596 65,179 n.a. 1.5951

Mar .................. 1,468,131 1,518,830 621,761 516,453 54,228 52,681 56,915 54,857 n.a. 1.5985

Apr................... 1,451,058 1,495,353 613,437 506,365 57,195 56,438 58,548 58,141 n.a. 1.6225

May.................. 1,571,938 1,613,166 637,972 538,262 60,802 59,940 68,968 65,141 n.a. 1.5405

June................. 1,516,846 1,545,680 598,613 509,695 59,610 56,369 62,085 65,259 n.a. 1.5686

 

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167

2010 - Mar................... 7,995 11,820 92,208 39,848 418 570 1,202 427 n.a. 1.5186

June ................. 9,265 12,251 90,043 41,445 1,277 n.a. 1,391 388 70 1.4947

Sept.................. 12,267 17,703 75,127 36,290 695 n.a. 2,659 n.a. n.a. 1.5731

Dec................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598

2011 - Mar................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048

June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067

Sept.................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624

Dec ................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

 
FOREIGN CURRENCY POSITIONS 

September 2012 

96 

SECTION V.—U.S. Dollar Positions 

TABLE FCP-V-1.—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

01/04/2012 ............................................................ 19,493,955 19,346,523 -5,745 n.a.

01/11/2012 ............................................................ 19,800,975 19,655,914 -3,876 n.a.

01/18/2012 ............................................................ 20,310,689 20,200,106 -5,229 n.a.

01/25/2012 ............................................................ 20,499,613 20,390,841 -7,266 n.a.

02/01/2012 ............................................................ 20,914,153 20,823,578 -8,339 n.a.

02/08/2012 ............................................................ 20,607,346 20,528,817 -9,088 n.a.

02/15/2012 ............................................................ 20,680,267 20,598,645 -3,447 n.a.

02/22/2012 ............................................................ 20,902,917 20,785,578 -5,930 n.a.

02/29/2012 ............................................................ 21,054,106 20,912,937 -4,032 n.a.

03/07/2012 ............................................................ 20,856,054 20,604,577 -4,060 n.a.

03/14/2012 ............................................................ 21,343,373 21,047,609 -6,360 n.a.

03/21/2012 ............................................................ 20,103,701 19,962,459 -5,168 n.a.

03/28/2012 ............................................................ 20,364,359 20,188,168 -4,487 n.a.

04/04/2012 ............................................................ 19,985,510 19,845,601 -3,639 n.a.

04/11/2012 ............................................................ 21,597,859 21,355,022 14,541 n.a.

04/18/2012 ............................................................ 20,135,400 19,888,991 -3,380 n.a.

04/25/2012 ............................................................ 20,494,655 20,258,116 -1,886 n.a.

05/02/2012 ............................................................ 20,552,580 20,310,736 -4,365 n.a.

05/09/2012 ............................................................ 20,612,294 20,353,245 -2,884 n.a.

05/16/2012 ............................................................ 20,872,503 20,594,422 -2,479 n.a.

05/23/2012 ............................................................ 20,986,734 20,705,420 -11,693 n.a.

05/30/2012 ............................................................ 21,253,291 20,977,396 -12,576 n.a.

06/06/2012 ............................................................ 20,982,874 20,734,662 -9,430 n.a.

06/13/2012 ............................................................ 21,364,517 21,119,274 -10,409 n.a.

06/20/2012 ............................................................ 20,258,365 20,017,514 -12,756 n.a.

06/27/2012 ............................................................ 20,438,101 20,175,221 -12,693 n.a.
FOREIGN CURRENCY POSITIONS 

September 2012 

97

SECTION V.—U.S. Dollar Positions, con. 

TABLE FCP-V-2.—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec.............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a.

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a.

2011 - July.............. 21,276,711 21,278,776 - - 2,054,101 2,079,211 2,194,316 2,143,085 12,052 n.a.

Aug ............. 22,504,064 22,412,968 - - 2,127,846 2,172,416 2,304,090 2,250,918 17,098 n.a.

Sept............ 21,970,665 21,835,877 - - 2,304,325 2,244,332 2,294,158 2,349,665 13,820 n.a.

Oct.............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 n.a.

Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 n.a.

Dec ............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Jan .............. 21,412,690 21,336,519 - - 2,049,544 1,985,627 2,136,958 2,194,632 -8,573 n.a.

Feb ............. 21,293,525 21,261,597 - - 2,111,434 2,062,123 2,201,174 2,205,667 3,852 n.a.

Mar ............. 20,446,342 20,283,770 - - 2,066,418 2,552,542 2,116,790 2,711,494 -3,517 n.a.

Apr.............. 20,505,352 20,264,420 - - 2,032,034 2,529,401 2,082,550 2,644,955 -14,221 n.a.

May............. 21,620,761 21,317,824 - - 2,156,015 2,530,502 2,157,140 2,694,630 -10,598 n.a.

June............ 20,626,969 20,389,009 - - 2,101,434 2,539,459 2,146,503 2,610,665 -13,205 n.a.

 

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

 Bought

 (7) 

Written 

(8) 

 

2009 - Dec................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a.

2010 - Mar................... 266,851 214,778 - - 26,305 15,869 12,439 11,812 1,690 n.a.

June ................. 288,216 218,072 - - 23,353 20,732 11,872 12,702 -361 n.a.

Sept.................. 262,899 236,595 - - 20,297 17,238 17,441 15,217 -1,748 n.a.

Dec................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011 - Mar................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

Sept.................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a.

Dec ................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

 
FOREIGN CURRENCY POSITIONS 

September 2012 

98 

SECTION VI.—Euro Positions 

TABLE FCP-VI-1.—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

01/04/2012 ......................................................................... 5,616,949 5,636,443 n.a. 0.7734

01/11/2012 ......................................................................... 5,849,411 5,882,750 -3,751 0.7883

01/18/2012 ......................................................................... 6,031,815 6,047,704 -2,796 0.7797

01/25/2012 ......................................................................... 6,014,926 6,035,487 -1,968 0.7705

02/01/2012 ......................................................................... 6,052,384 6,075,476 -2,242 0.7574

02/08/2012 ......................................................................... 5,929,253 5,946,234 -2,510 0.7546

02/15/2012 ......................................................................... 5,989,466 6,016,580 n.a. 0.7641

02/22/2012 ......................................................................... 5,996,893 6,028,211 -2,487 0.7547

02/29/2012 ......................................................................... 6,065,230 6,096,869 -1,719 0.7486

03/07/2012 ......................................................................... 6,026,774 6,063,920 -2,148 0.7605

03/14/2012 ......................................................................... 6,126,077 6,179,584 -2,255 0.7678

03/21/2012 ......................................................................... 5,838,998 5,874,916 -1,733 0.7582

03/28/2012 ......................................................................... 5,981,855 6,028,973 -166 0.7519

04/04/2012 ......................................................................... 5,902,762 5,939,048 -1,377 0.7619

04/11/2012 ......................................................................... 6,036,209 6,092,667 -1,495 0.7631

04/18/2012 ......................................................................... 5,958,687 6,010,478 -1,715 0.7621

04/25/2012 ......................................................................... 6,010,209 6,055,899 -849 0.7570

05/02/2012 ......................................................................... 6,079,728 6,127,758 n.a. 0.7602

05/09/2012 ......................................................................... 6,168,816 6,229,257 -6,641 0.7720

05/16/2012 ......................................................................... 6,347,767 6,407,493 -10,145 0.7856

05/23/2012 ......................................................................... 6,320,633 6,371,867 -7,195 0.7956

05/30/2012 ......................................................................... 6,448,491 6,496,428 -6,332 0.8061

06/06/2012 ......................................................................... 6,308,902 6,343,978 -6,906 0.7978

06/13/2012 ......................................................................... 6,498,628 6,532,724 -4,883 0.7939

06/20/2012 ......................................................................... 6,129,672 6,153,579 -3,597 0.7872

06/27/2012 ......................................................................... 6,163,144 6,185,990 -5,208 0.8028
FOREIGN CURRENCY POSITIONS 

September 2012 

99

SECTION VI.—Euro Positions, con. 

TABLE FCP-VI-2.—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977

2010 - Dec................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467

2011 - July................... 5,776,402 5,798,951 1,844,572 1,730,812 399,693 467,598 518,002 496,400 -1,040 0.6950

Aug .................. 5,794,129 5,821,358 2,206,418 2,066,827 415,628 490,596 554,298 543,078 -5,297 0.6942

Sept................. 5,872,810 5,931,490 2,273,978 2,131,458 426,021 620,189 687,023 622,557 n.a. 0.7436

Oct................... 5,937,294 5,961,858 2,262,983 2,126,490 424,122 525,463 616,830 574,892 -4,437 0.7170

Nov .................. 6,214,820 6,237,226 2,242,748 2,102,286 427,269 510,874 678,262 602,623 n.a. 0.7433

Dec .................. 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Jan ................... 6,071,286 6,098,534 2,210,794 2,140,863 403,165 454,457 582,827 532,596 -4,264 0.7661

Feb .................. 6,105,412 6,147,511 2,279,471 2,208,515 426,902 489,119 598,348 530,879 n.a. 0.7486

Mar .................. 5,896,239 5,939,319 2,278,375 2,212,581 388,481 436,030 531,743 464,718 n.a. 0.7500

Apr................... 5,888,370 5,943,412 2,363,193 2,290,845 391,091 428,612 511,057 464,321 n.a. 0.7559

May.................. 6,461,032 6,520,396 2,484,618 2,435,543 414,032 506,459 636,889 550,769 -4,828 0.8088

June................. 6,241,346 6,251,218 2,291,989 2,262,631 411,928 450,260 612,413 568,849 -6,106 0.7894

 

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977

2010 - Mar................... 51,802 76,415 234,770 120,877 5,079 3,219 11,669 6,053 -2,245 0.7393

June ................. 62,540 98,644 250,029 129,267 6,650 2,309 11,961 10,324 -875 0.8136

Sept.................. 65,135 69,731 235,094 123,160 11,214 4,215 5,996 7,070 931 0.7352

Dec................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,871 -115 0.7467

2011 - Mar................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051

June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886

Sept.................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436

Dec ................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

 
September 2012 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of December 31, 2011, and March 31, 2012 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2011 

Jan. 1, 2012, 

through 

Mar. 31, 2012 Mar. 31, 2012 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,699,281 -8,084 22,691,197 

Government Sponsored Enterprises (GSE) Securities ... 

Special drawing rights 1 ........................................................... 54,954,930 505,533 55,460,463 

Foreign exchange and securities: 

European euro ..................................................................... 13,754,985 588,258 14,343,243 

Japanese yen....................................................................... 12,057,080 -771,246 11,285,834 

Accounts receivable................................................................. 132,386 -18,762 113,624 

Total assets.......................................................................... 103,598,662 295,699 103,894,361 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 16,846 -3,365 13,481 

Total current liabilities ...................................................... 16,846 -3,365 13,481 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,219,105 488,063 54,707,168 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,419,105 488,063 59,907,168 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -455,705 -361,111 -816,816

Total capital...................................................................... 44,162,711 -188,999 43,973,712 

Total liabilities and capital............................................ 103,598,662 295,699 103,894,361 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2012 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

Jan. 1, 2012, 

through 

Mar. 31, 2012 

Fiscal year to date

Oct. 1, 2011, 

through 

Mar. 31, 2012 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -410,726 -910,159

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 6,612 -6,367

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 249 665 

U.S. Government securities......................................................... 2,495 3,094 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 40,259 95,951 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -361,111 -816,816

Net income (+) or loss (-)............................................................. -361,111 -816,816

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 2012 

105

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2013. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2013. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 101

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 9

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 92

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 146

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 21

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 3

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 18

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 21

Note.—Detail may not add due to rounding. 
September 2012 

106

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2012 

107

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
September 2012 

108

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2012, the debt 

limit was $16,394,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

September 2012 

109

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

September 2012 

110

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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